Crypto Market Review (Q4 2023)

San Francisco • January 24, 2024
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Q4 was the capstone on a big year for crypto.

In 2023, the Bitwise 10 Large Cap Crypto Index rose 143% and the Bitwise Crypto Innovators 30 Index surged 240%. The year’s final three months only reinforced this sharp upward trend. During Q4:

  • Blockchain revenues climbed 139% quarter-over-quarter;

  • Ethereum-linked transactions hit new all-time highs;

  • Altcoins recovered in a big way, headlined by Solana’s 939% gain in 2023; and

  • Stablecoin AUM reversed course and turned upward after a slower 2022.

Learn more about all of these developments—and why we believe 2024 has greater momentum in store—in Bitwise’s latest quarterly Crypto Market Review. The data-driven digest on crypto fundamentals features more than 50 charts on the biggest stories from an impressive quarter.

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
  • Juan Leon

    Senior Crypto Research Analyst
  • Ryan Rasmussen

    Senior Crypto Research Analyst
  • Alyssa Choo

    Crypto Research Analyst
  • Gayatri Choudhury

    Quantitative Crypto Research Analyst
  • Mallika Kolar

    Quantitative Research Associate
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