Bitwise, a spot Bitcoin ETF issuer and crypto asset management firm, diagnosed that "the cryptocurrency market has declined for three consecutive quarters. This is the longest slump since 2022." It further explained, "In the second quarter, the 'Bitwise 10 Large Cap Crypto Index' fell by 15.4% compared to the previous quarter, with 8 out of 10 constituent assets declining. Additionally, spot Bitcoin ETFs recorded their largest net outflow ever on a quarterly basis." Nevertheless, it added, "During the same period, Ethereum (ETH) trading activity increased by approximately 13 times, and the Total Value Locked (TVL) in decentralized finance (DeFi) increased by over 60%. Stablecoin Assets Under Management (AUM) also doubled compared to the 2022 bear market, indicating that the overall fundamentals of the cryptocurrency market are continuously improving."
