Crypto Market Quarterly Review (Q2 2023)

San Francisco • July 12, 2023

The second quarter of 2023 featured the most extreme mix of good and bad news in crypto’s history. In the end, crypto assets reacted positively to the bipolar series of events, finishing the quarter up nearly 5%. In this redesigned quarterly review, the Bitwise research team outlines the key data points that shaped crypto markets in recent months: correlations, trading volume, fund flows, blockchain revenues, real-world use cases, and more. Read it to understand why we believe industry fundamentals indicate the start of a multi-year bull market in crypto.

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Access this report for key data points that 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
  • Gayatri Choudhury

    Quantitative Crypto Research Analyst
  • Juan Leon

    Senior Crypto Research Analyst
  • Mallika Kolar

    Quantitative Research Associate
  • Ryan Rasmussen

    Senior Crypto Research Analyst
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