Bitwise Report: Bitcoin Index Falls 15.4% in Q2 2026 as Spot ETFs See $4.9B Outflows

According to Bitwise's Q2 2026 market review, the Bitwise 10 Large Cap Crypto Index fell 15.4 percent over the quarter, with spot Bitcoin ETFs recording their worst quarter on record and shedding $4.9 billion in outflows. Bitcoin itself fell below $60,000 in June, roughly 52 percent below the October 2025 peak of $126,080.

Bitwise CIO Matt Hougan argued the pullback reflects "bear market prices, not bear market fundamentals." He highlighted that Ethereum transaction activity has grown roughly 13 times over Q2 2022 levels, while DeFi value locked has increased more than 60 percent, suggesting deeper infrastructure and liquidity despite price declines.