Bitwise’s Hougan says Q3 charts point to ‘crypto spring’
Bitwise chief investment officer Matt Hougan declared that the third quarter of 2025 may have been 'one of the best quarters in crypto's history,' pointing to a broad rebound in prices and onchain activity as the opening of what he called a 'crypto spring.' In the firm's quarterly market review published Thursday, Bitwise reported a 46.4% gain in its large-cap crypto index and $6 billion in inflows to US spot Bitcoin ETFs, a haul that pushed year-to-date net flows back into positive territory.