TheBlock
Crypto equities outperformed every major asset class in H1 2026 except emerging markets, while the underlying crypto asset complex dropped 36% over the same window, according to Bitwise Head of Research Ryan Rasmussen. The 59-point spread is the widest gap between the two cohorts in the current cycle.
Why it matters
Rasmussen framed the period as "bull markets everywhere," noting that the S&P 500, gold, and emerging-market equities all posted solid gains while crypto asset prices fell sharply. Crypto equities, by contrast, tracked the broader risk-on tone rather than the on-chain tape. The divergence suggests equity investors are pricing in future revenue and treasury exposure tied to BTC and ETH holdings, rather than reacting to spot moves.
Market impact
Tokenized real-world assets hit a record $33 billion in Q2, up 45% year-to-date, a separate data point that signals institutional capital continues to build on-chain infrastructure even as token prices weaken. The combination of strong crypto-equity returns and accelerating RWA growth points to a market where the wrappers are gaining while the underlying assets lag.
Frequently asked questions
-
Why are crypto equities outperforming crypto assets in 2026?
Bitwise's Ryan Rasmussen says equity investors are pricing in future revenue and treasury exposure tied to BTC and ETH holdings, rather than reacting to spot price moves. The 23% return in crypto equities versus a 36% drop in crypto assets is the widest gap of the current cycle.
-
How big is the H1 2026 performance gap between crypto equities and crypto assets?
Crypto equities returned 23% in H1 2026 while the underlying crypto asset complex fell 36%, a 59-point spread. It is the widest divergence between the two cohorts in the current cycle, according to Bitwise.
-
What is the record level for tokenized real-world assets?
Tokenized real-world assets hit a record $33 billion in Q2 2026, up 45% year-to-date. The growth signals that institutional capital continues to build on-chain infrastructure even as token prices weaken.
-
Which asset classes beat crypto equities in H1 2026?
Crypto equities outperformed every major asset class in H1 2026 except emerging markets, according to Bitwise. The S&P 500, gold, and emerging-market equities all posted solid gains during the period.
-
What does Bitwise mean by 'bull markets everywhere'?
Bitwise Head of Research Ryan Rasmussen used the phrase to describe an environment where the S&P 500, gold, and emerging-market equities all gained, even as crypto asset prices fell sharply. The label highlights that risk-on sentiment extended broadly while crypto spot lagged.
Glassnode
Crypto Capital Venture
WuBlockchain
CoinTelegraph
WatcherGuru
CryptoSlate
Whale Alert
Lookonchain
CoinDesk