The Bitwise Crypto Market Quarterly Review: Q4 2022

The Bitwise Crypto Market Quarterly Review: Q4 2022

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Bitwise Asset Management

Leading provider of index funds in the crypto space.

发布日期: 2023年1月19日
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The Bitwise Crypto Market Quarterly Review is a data-driven report, examining key metrics & developing trends across Bitcoin, Ethereum & L1s, DeFi, NFTs, & crypto equities. To set the stage, here are top highlights from the report.

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Source: Bitwise Asset Management with data from The Block, IEX Cloud, and CoinMarketCap from September 30 to December 30, 2022. KPIs in gray indicate where a downward trend means a favorable outcome. For footnotes, index definitions and constituents, please see additional notes in the report. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance does not include the fees and expenses that are charged by any Fund. Fund returns may differ materially from the returns of the Index. Past performance is no guarantee of future results. Please refer to additional important disclosures in the report.

In Q4, continued macro headwinds and the FTX fallout pummeled crypto assets, with crypto equities bearing the brunt. Historically, crypto has moved in four-year cycles with three strong years followed by a year of retrenchment. And while rate hikes and the collapse of projects like FTX drove 2022’s pullback, we believe the conditions are ripe for breakthroughs in 2023 that could catalyze a new bull market.?

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Source: Bitwise Asset Management. Data from January 1, 2011 through December 31, 2022. Performance information is provided for informational purposes only. Returns reflect the return of bitcoin itself, and not of any fund or account, and do not include any fees. Backward-looking performance cannot predict how any investment strategy will perform in the future. Future crypto cycles may not be four years long; the four-year increment is based on historical data for illustrative purposes and is not a prediction of future results. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events, or a guarantee of future results.

Entering 2022, Ethereum critics argued it was too clunky, too expensive and too limited to compete with newer blockchains. However, the trend proved otherwise as the use of Layer 2 solutions, which help Ethereum process more transactions at lower cost, surged in 2022.

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Source: Bitwise Asset Management. Data from September 30 to December 31, 2022. Tickers refer to the following crypto assets (in alphabetical order): Cardano (ADA), Algorand (ALGO), Cosmos (ATOM), Avalanche (AVAX), Polkadot (DOT), Ethereum (ETH), and Solana (SOL)

Crypto equities fell as investors retreated & overleveraged mining companies faced solvency concerns. Despite their higher historical revenue growth rates, crypto equities are trading at lower valuations than traditional tech stocks. Is this a value opportunity?

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Source: Bitwise Asset Management with data from IEX Cloud from September 30 to December 30, 2022. For index definitions, constituents, and ticker names, please see additional notes in the report. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance does not include the fees and expenses that are charged by any Fund. Fund returns may differ materially from the returns of the Index. Past performance is no guarantee of future results. Please refer to additional important disclosures in the report.

This comprehensive report includes data-driven insights and key takeaways on Bitcoin, Ethereum & emerging L1s, DeFi, NFTs, Crypto Equities, and more from CIO Matthew Hougan , and Crypto Research Analysts Alyssa Choo , Anais Rachel , Gayatri Choudhury , Juan Leon, CFA , Ryan Rasmussen , and Mallika Kolar .?

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