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Bitwise released the Q3 2026 cryptocurrency market review, stating that in the second quarter, the Bitwise 10 Large Cap Crypto Index fell by 15.4%, with 8 out of 10 constituent assets declining. The spot Bitcoin ETF recorded the worst quarterly outflow on record, while on-chain activity, trading volume, and DeFi assets all decreased, and the correlation between the cryptocurrency market and stocks increased.During the same period, the prediction market trading volume reached a new high of $43.2 billion, nearly 18 times year-on-year; the tokenized real-world assets grew by 50.3% this year to $32.89 billion; the Bitwise Crypto Innovators 30 Index rose by 30.6%; the settlement scale of stablecoins was 2.3 times that of Visa, holding more U.S. Treasury bonds than most countries; Hyperliquid, PancakeSwap, and Aave each generated approximately $900 million in revenue over the past year.Bitwise noted that it has recorded negative returns for three consecutive quarters, the longest since 2022, but compared to the bottom of the 2022 bear market, Ethereum trading activity has increased by about 13 times, the value locked in DeFi has grown by over 60%, and the assets under management in stablecoins have roughly doubled.

According to Protos, prosecutors in Wisconsin and New York have expressed dissatisfaction with the stablecoin issuer Circle, citing that Circle has repeatedly hindered law enforcement's attempts to recover stolen funds. Law enforcement agencies in various locations have sought Circle's cooperation to help victims of fraud and hacking incidents recover losses by destroying and reissuing USDC tokens, but Circle has refused these requests based on policy positions.Circle believes that modifying the blockchain ledger to reverse transactions would undermine the fundamental attributes of the USDC stablecoin and set a dangerous precedent for the entire cryptocurrency industry. This position highlights the deep-seated conflict between the immutability of blockchain and law enforcement needs. Prosecutors argue that Circle, as a regulated stablecoin issuer, should bear more social responsibility, while Circle insists on upholding the core principles of blockchain technology, making it difficult for both sides to bridge their differences on this issue in the short term.

According to a report by the International Consortium of Investigative Journalists (ICIJ), the stablecoin issuer Circle has been criminally charged by the Wisconsin state prosecutor for refusing to comply with a court order to assist in recovering funds for fraud victims.A victim in Wisconsin was defrauded of approximately 381,000 USDC, and the court issued a warrant last December requiring Circle to transfer frozen assets to law enforcement wallets, but Circle refused to comply, citing "technical inability to destroy and reissue tokens."The New York state prosecutor had previously sent a letter to the U.S. Senate, accusing Circle of repeatedly refusing asset freeze requests without a warrant and questioning its motives—Circle currently holds at least 119 million frozen USDC, which can continuously earn interest.In response, Circle denied the allegations, stating that the Wisconsin court lacks jurisdiction, and indicated that it has reached a preliminary agreement with federal prosecutors regarding a compensation mechanism for victims. Cryptocurrency tracking experts pointed out that Circle could fully implement token destruction and reissuance by updating its code, casting doubt on its claim of technical incapacity.

According to Jinshi reports, Swiss private bank Julius Baer expects that the Federal Reserve is unlikely to raise interest rates, the US dollar may weaken, and therefore gold prices are expected to regain lost ground.

According to Onchain Lens monitoring, Bitwise purchased 33,600 HYPE from Wintermute, worth 2.4 million dollars.

Bitwise Chief Investment Officer Matt Hougan published an analysis of the volatility of STRC under Strategy (MSTR). He believes that Strategy currently holds approximately $49.6 billion in Bitcoin and $2.6 billion in cash, with asset size far exceeding debt and preferred stock obligations, posing no liquidation risk. The company's newly launched digital credit capital framework allows it to flexibly sell Bitcoin to pay dividends based on market conditions, no longer forcing the maintenance of STRC at a par value of $100.Hougan emphasized that Strategy has been the world's largest Bitcoin buyer and a source of one-way demand over the past few years, but this situation is likely coming to an end. In the future, Strategy will flexibly buy or sell Bitcoin based on market conditions, but will not become a large-scale seller (with limited mandatory sales each year). If Bitcoin prices rebound, it may still become a net buyer. Overall, the importance of Strategy in the next cycle will be lower than in the previous cycle.He believes that the volatility of STRC reflects the process of deleveraging in the market, which is a typical characteristic at the end of a bull market. As these mismatched funds are squeezed out, the market bottom is forming, and a new bull market is expected to begin this fall.

Bitwise Research Director André Dragosch posted on the X platform that July could be a key month for Bitcoin to switch from a bear market to a bull market. He pointed out that if semiconductor stocks significantly reverse from their current position, the Federal Reserve may respond with a dovish stance. Bitcoin is likely to complete its reversal ahead of the market's general expectation of a bottom in October.

The well-known MEV Bot address ae13 issued a white hat bounty notice on-chain to hackers, stating, "If 2,150 Ethereum is returned to this address within 48 hours, we are willing to pay 50% of the white hat bounty; otherwise, we will take all feasible legal and enforcement actions to hold accountable."According to previous reports, the well-known MEV robot Jaredfromsubway.eth (ae13), which has been active on the Ethereum network for a long time, was attacked by hackers exploiting vulnerabilities in the automated execution system, resulting in losses exceeding $75 million.

Bitwise CEO Hunter Horsley posted on the X platform, "In the 1990s, the internet was just emerging. Almost every idea seemed feasible. Hundreds of companies reached valuations of 500 million to 1 billion dollars based on these possibilities. By the early 21st century, that optimism faded. There were no longer hundreds of companies competing. Instead, a few companies that truly proved their worth thrived. Because they succeeded with demonstrable value, they operated longer and were larger in scale than in the previous cycle. The cryptocurrency sector is also undergoing a similar transformation. The number of winners will decrease, but the winners will stand out due to their demonstrable value. Their scale will be larger, and their operating time will be longer than people expect."

According to monitoring by Lookonchain, Bitwise bought 77,097 HYPE (5.18 million USD) again through FalconX 2 hours ago.

According to on-chain analysis platform Lookonchain (@lookonchain), Bitwise has once again purchased 77,097 HYPE, worth approximately 5.18 million dollars.

According to Jinshi reports, the USD/CHF has fallen by 0.5% during the day, currently reported at 0.7929.

NASDAQ-listed company WISeKey International announced that its subsidiary SEALCOIN has received a strategic investment of $4 million, with participation from The Hashgraph Group (THG) and WISeKey.The new funds will be used to accelerate its integration into the rapidly growing space economy ecosystem and to build blockchain infrastructure for the space economy using decentralized physical internet (DePIN) technology.

According to Jinshi reports, the USD/CHF has fallen by 0.5% during the day, currently reported at 0.796.

According to on-chain analyst Onchain Lens (@OnchainLens), Bitwise deposited 50,480 HYPE to FalconX, worth approximately 3.28 million dollars. As of June 7, 2026, Bitwise holds 1,553,865 HYPE, with a total value of approximately 96.8 million dollars.

Bitwise CEO Hunter Horsley stated that participants in the cryptocurrency industry should "broaden their perspective." Unless they are short-term traders, investors should not overly focus on weekly or monthly price fluctuations.Instead, the focus should be on two aspects: first, the substantive progress of the project itself, and second, the longer-term annual performance. This includes on-chain usage, technological advancements with product-market fit, integration of large enterprises and institutions in the field, construction and implementation status, as well as core factors such as team quality and execution capability.Although the market will not show linear development, the fundamentals of the industry are continuously and significantly improving from 2022 to 2026. Investors should recognize that this is a long-term process, and the final outcome will be determined by the fundamentals.

According to monitoring by Catcher Predict, in the market prediction event "Monaco Grand Prix Driver Victory" on Polymarket, the "Yes" option for the sub-market "Lewis Hamilton" has experienced a sharp fluctuation in winning probability, soaring from 2.5% an hour ago to the current 18.35% (a fluctuation of 15.85%). Please note the impact of related breaking news.

Bitwise Chief Investment Officer Matt Hougan posted on the X platform, stating that institutions are like large oil tankers, which have now adjusted their course to support cryptocurrencies, tokenization, and stablecoins.He believes that this trend will not slow down, regardless of price performance.

Grayscale submitted its S-1 amendment for the Hyperliquid Staking ETF, proposing to set the fund management fee at 0.29%, with the code HYPG. This rate is lower than similar products already launched by Bitwise and 21Shares. Among them, Bitwise's BHYP has a first-month fee rate of 0%, followed by 0.34%; 21Shares' THYP fee is 0.3%. Bloomberg ETF analyst James Seyffart stated that Grayscale's fund is expected to launch as soon as this week. If successfully launched, HYPG will become the third Hyperliquid-related ETF.