Crypto Market Quarterly Review (Q3 2023)

San Francisco • October 16, 2023

Crypto had one of the quietest quarters in recent memory, with prices drifting downward and trading volumes hitting three-year lows. But a deeper dive into the numbers shows something different: robust blockchain revenues, regulatory progress, surging top-line growth for crypto equities, $1.5 trillion in stablecoin transactions, and more.

In the latest edition of Bitwise’s much-anticipated quarterly review, the Bitwise research team provides more than 50 charts and key metrics on the forces shaping crypto markets, ranging from correlations and trading volume to fund flows and growing use cases. Read this data-packed digest to discover why we believe the relative silence of Q3 is actually the silence of a coiled spring.

Download the Full Report

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

    Senior Quantitative Research Analyst
  • Juan Leon

    Senior Investment Strategist
  • Mallika Kolar

    Quantitative Research Analyst
  • Ryan Rasmussen

    Head of Research
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