Bitwise: The encryption market has had the longest loss cycle since 2022

Bitwise states that the encryption market has recorded the longest loss cycle since 2022, with negative returns for three consecutive quarters. Despite the continued expansion of several block-chain activity indicators, large asset prices were weak, BTC ETF flows were record and activities in several market areas slowed. The Big 10 market value encryption index declined by 15.4 per cent in the second quarter of 2026, with 8 of the 10 digital assets recording negative gains at the end of the quarter. Despite the fall in prices, Bitwise noted that the market had experienced negative gains for three consecutive quarters and that the correlation between encrypted assets and equities had increased over the same period。