Bitwise says this drawdown may already be the bottom - and the setup feels familiar. Prices look weak, sentiment is heavy, yet the data underneath is quietly improving, even as $BTC sits well off recent highs 📉

In its latest market review, Bitwise compares today’s conditions to Q1 2023. Back then, charts were messy after FTX, but fundamentals were stabilizing. Usage climbed, businesses recovered, and prices followed later. The firm argues Q4 2025 shows the same kind of disconnect.

1. $ETH  down ~29% in Q4 while transactions hit new all-time highs

2. Crypto equities fell ~20%, even as revenues outpaced most sectors

3. Stablecoin AUM and transaction activity surged to fresh records

Prices are still under pressure, but scale hasn’t disappeared. With total market cap near $2.8T and adoption rails expanding, Bitwise sees stress - not collapse. Historically, that’s where long-term lows tend to form.