Crypto Equities Return 23% in H1 2026, Beating Every Major Asset Class Except Emerging Markets

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According to Bitwise, crypto equities returned 23% in the first half of 2026, beating every major asset class except emerging market equities, while crypto asset prices fell 36%. Ryan Rasmussen, head of research at the asset manager, said crypto fundamentals held up through the price drawdown. The 10 largest crypto applications generated $5.9 billion in combined revenue over the trailing 12 months, led by PancakeSwap ($923 million), Hyperliquid ($912 million), and Aave ($877 million). Tokenized real-world assets reached a record $33 billion in Q2, up 12% on the quarter, while prediction market open interest hit an all-time high of $1.8 billion.
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