The latest Bitwise Crypto Market Review just dropped—and it’s the most important one we’ve ever published. Why? Because it shows a tension in crypto markets that has historically signaled a bear-market bottom (see Q1 2023). Receipts: During Q4 2025… - ETH’s price fell 29% … at the same time that Ethereum transactions hit new all-time highs. - Crypto equities fell 20% … while crypto company revenues were on pace to grow 3x faster than any other sector. - Sentiment turned bearish … while stablecoin AUM and transactions soared to new heights. That’s typically what you get at the bottom of bear markets: sentiment down, fundamentals up.