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.