LATEST: Bitwise says crypto equities returned 23% in H1 2026, beating every major asset class except emerging markets, even as crypto asset prices fell 36%.

What happened

Bitwise reported that crypto‑related equities delivered a 23% return in the first half of 2026, outperforming all major asset classes except emerging‑market stocks, while the prices of underlying crypto assets dropped 36%.

Confirmed

Global impact / market context

The result shows that investors can earn strong returns from companies linked to crypto even when the digital currencies themselves lose value, highlighting a potential hedge and diversification benefit for portfolios.

Analyst inference

During the same period, traditional equities, bonds and commodities posted lower or flat returns, and emerging‑market equities were the only group that outperformed crypto equities, indicating a broader shift toward sector‑specific exposure.

Analyst inference

What to watch

1. Future Bitwise fund performance reports to see if the crypto‑equity outperformance continues in the second half of the year, which could influence fund inflows. Proposed
2. Regulatory developments affecting crypto‑related companies, as stricter rules could raise costs or limit growth, impacting equity returns. Analyst inference
3. Investor allocation trends between direct crypto holdings and crypto‑equity funds, which may shift capital toward equities if the price gap widens. Analyst inference

Evidence

• x.com