Bitcoin's Longest Downturn Since 2022 Sparks Hope for Future Growth

Bitcoin's price continues to suffer from its longest downturn since the last bear market. According to Bitwise Asset Management, Bitcoin fell 13.4% in Q2 and is down 32.9% for the year, dropping below $60,000 in June for the first time since 2024.

Despite this decline, Bitcoin held up better than most of its peers, with a 32.9% year-to-date decline being the shallowest drawdown among major large-cap tokens.

Bitwise argues that this downturn is not a collapse, but rather a setup for future growth. Chief Investment Officer Matt Hougan writes that 'the vibes in crypto are among the worst I've seen in my eight years in this industry.'

The firm notes that Bitcoin now commands a 64.2% share of the roughly $1.88 trillion total crypto market and carries a 77.4% weight inside the Bitwise 10 index, cementing its status as the sector's relative safe haven.