Usage metrics tell a different story from price action, with adoption continuing to outpace market performance this cycle.

Bitwise’s Q2 2026 crypto market review shows its 10 Large Cap Crypto Index dropped 15.4% last quarter, the third straight quarter in the red and the longest such stretch since 2022.

However, the same report argued that even as prices fell, the crypto sector, including stablecoins, tokenized assets, and prediction markets, has been strengthening.

Crypto Prices Down, But Fundamentals Are Improving

According to Bitwise, eight of the index’s 10 constituents finished Q2 in the red, with the worst performer in the basket being Cardano (ADA), which…