The crypto market has lost 36% since January. Meanwhile, 10 applications have generated $5.9 billion in fees. Bitwise’s quarterly report reveals a often invisible reality: prices are falling, but the blockchain economy continues to charge its users. The question remains: where do the revenues end up?

Prices Reflect a Very Real Crypto Bear Market

Crypto assets have seen a 36% drop in the first half of 2026. There are no blind spots here; the situation is complicated for investors in the sector.

The second quarter tightened the screws. Bitwise’s benchmark index, which tracks the 10 largest market capitalizations in the sector, fell by 15.4%, with 8 of its 10 components in the red.

Bitcoin spot ETFs experienced their worst quarter for…