Crypto Market Review Q1.26

Bitwise

Research

60 Pages

Bitwise Asset Management reviews Q1 2026 as a difficult period for crypto prices, but argues the underlying data points to early-stage recovery dynamics. Market cap fell about 20%, yet activity in areas like stablecoins and tokenization continued to strengthen, suggesting fundamentals may be diverging from price action.

Key Takeaways

Market Drawdown Severe: Total crypto market cap declined about 20.4% to roughly $2.4 trillion during Q1 2026.
Bitcoin And ETH Fell: Bitcoin dropped about 22% and Ethereum fell about 35% over the quarter.
Fundamentals Diverged: Stablecoin activity reached new highs, with transaction volumes surpassing major payment networks.
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