Crypto Market Review (Q4 2025)
San Francisco • Jan 21, 2026
This is the most important quarterly report we’ve ever published.
Why? Because it reveals a tension in crypto markets that has historically signaled a bear-market bottom.
Consider that, during Q4 2025:
ETH’s price fell 29% … at the same time that Ethereum transactions hit new all-time highs.
Crypto equities fell 20% … while crypto company revenues were on pace to grow 3x faster than any other sector.
Sentiment turned sharply bearish … while stablecoin AUM and transactions soared to new heights.
That’s the kind of divergence you get at the bottom of bear markets, when sentiment is down but fundamentals are up. The last time we had such high-contrast data was Q1 2023—after which crypto prices soared for the next two years.
It’s why reading this report’s more than 70 charts and tables is so important: It reveals the green shoots that could lead us into the next bull market.
Download the Full Report
Access this report for key data points that shaped crypto markets in recent months.
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 40 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 5,000 private wealth teams, RIAs, family offices and institutional investors as well as 21 banks and broker-dealers. The Bitwise team of over 140 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
Matt HouganChief Investment Officer
Ryan RasmussenHead of Research
Juan Leon, CFASenior Investment Strategist
Mallika KolarQuantitative Research Analyst
Josh CarlisleSenior Data Analyst
Danny NelsonResearch Analyst
Camran KhosraviResearch Analyst
Ishmael AsadResearch Analyst
Westley InnocentiResearch Analyst
