Crypto Market Quarterly Review (Q1 2023)

San Francisco • April 21, 2023

In this quarterly review, we consider the complex mix of positive and negative forces shaping crypto markets in recent months, with analysis covering the biggest events across decentralized finance (DeFi), NFTs, crypto equities, and more. From the impact of the banking crisis on bitcoin to the changing tokenomics of Ethereum to the challenges facing crypto companies like Coinbase, our research team reveals why we think crypto has entered a new multi-year bull market. Also included is a practical data guide on crypto with 50 charts on key performance indicators and industry fundamentals.

Download the Full Report

Access this report for key trends and insights that have shaped crypto markets in recent months.

About Bitwise

Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For six years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 60 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium,, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco and New York. For more information, visit

  • Matt Hougan

    Matt Hougan

    Chief Investment Officer
  • Alyssa Choo

    Crypto Research Analyst
  • Juan Leon

    Senior Crypto Research Analyst
  • Ryan Rasmussen

    Senior Crypto Research Analyst
  • Hong Kim

    Hong Kim

    CTO, Board Director
  • Gayatri Choudhury

    Quantitative Crypto Research Analyst
  • Mallika Kolar

    Quantitative Research Associate
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