Prices Slump, But Stablecoins, RWAs, and Bitcoin Futures Hit Record Highs: Bitwise Report
2025-07-16 19:09:10
Main Idea
Despite a market downturn in Q1 2025, stablecoins, tokenized real-world assets (RWAs), and Bitcoin futures saw significant growth, with potential catalysts for a stronger Q2 highlighted by Bitwise Asset Management.
Key Points
1. The Bitwise 10 Large Cap Crypto Index fell 18% in Q1, with Ethereum dropping 45% and crypto equities declining by 27%.
2. Stablecoins posted $218 billion in assets under management, up 13.5% from the previous quarter.
3. Tokenized real-world assets (RWAs) surged over 37% quarter-over-quarter, and regulated Bitcoin futures trading volume and open interest reached all-time highs.
4. Bitwise identified potential Q2 catalysts, including increased global liquidity, progress on stablecoin legislation, and the expected repeal of SEC guidance SAB 121.
5. Bitwise CIO Matt Hougan warned of fragile progress without Congressional support for lasting crypto regulation.
Description
According to Bitwise Asset Management, newly inaugurated U.S. leadership delivered sweeping pro-crypto reforms—including a national executive order prioritizing digital assets, the launch of a Strategic Bitcoin Reserve, and the dismissal of most Securities and Exchange Commission (SEC) lawsuits targeting the sector. Perhaps most impactful was the official termination of Operation Choke Point 2.0, a regulatory chokehold that limited crypto’s access to traditional banking rails. These moves repres...
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