2026-01-22 05:11:17

#特朗普向欧洲实施关税措施 $BTC, $ETH, $BNB——Market signals revealed by Bitwise's latest report

Recently, Bitwise released its Q4 2025 market analysis, pointing out that the crypto market is experiencing a "high divergence." At first glance, it's quite shocking: Ethereum's price has fallen 29%, and crypto-related stocks have also dropped about 20% during the same period. But here's where it gets interesting—the on-chain trading volume has hit new highs. Revenue growth for crypto companies is expected to be three times that of other industries. While market sentiment has become fragile, the asset management scale and trading volume of stablecoins are setting new records.

This strange divergence prompted Bitwise to review history. The last time such a phenomenon occurred was in Q1 2023. And we all know what happened next—the following two years saw significant increases in crypto asset prices.

In other words, the market looks very hopeless, but some deep indicators are quietly telling a different story. Truly active funds and on-chain activity haven't stopped, which could be a sign of a bottom.

BTC-0,03%

ETH-1,22%

BNB0,43%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
3
Repost
Share

Comment

0/400

DefiPlaybook

· 19h ago

According to Bitwise's on-chain data, ETH has fallen 29% but trading volume has hit a new high, and the stablecoin market cap has broken records... What do these contrasting numbers indicate? Funds haven't exited the market; they are just waiting. A similar strange divergence occurred in Q1 2023, and what happened afterward? Everyone has seen the two-year gains. Risk warning: Bottom signals ≠ immediate takeoff, but at least they indicate that real money is still active on the chain, which is the most telling indicator.

View OriginalReply0

ProbablyNothing

· 19h ago

Wait, on-chain activity hits a new high but the price drops? Isn't this just big players quietly making money? --- 2023 Q1 was the same, then it skyrocketed... Now it's happening again? I believe it. --- The stablecoin market size is still growing, indicating that the real money hasn't left, only retail investors are being scared out. --- Trump's tariffs were announced, macroeconomics collapsed, but the crypto market is actually accumulating? That's a bit strange. --- The loss of public confidence is very accurately described, but large funds are secretly bottom-fishing. --- The bottom signals are so obvious, and there are still people panic selling? --- Looking at the history of 2023, this divergence might really be the starting point. --- On-chain data doesn't lie; the price will eventually catch up. --- I see, this is the whales' washout rhythm, don't be scared away. --- Although I say that, how many people are really brave enough to buy at this time?

View OriginalReply0

SignatureCollector

· 19h ago

It's another "bottom signal" argument, but I care more about what stablecoins are accumulating. --- ETH dropped 29% and some still say it's good news? I see big players eating up the chips. --- On-chain activity hits new highs but prices fall. I've seen this disconnect too many times; it's just a routine. --- Is Q1 2023 comparable to this time? Was the environment the same back then? Don't be too optimistic. --- The stablecoin scale reaching a new high is indeed interesting, indicating that serious players are still positioning themselves. --- Trump tariffs + crypto polarization, are the people buying now really not afraid? --- You're discussing the bottom, but I'm watching to see who is quietly accumulating.

View OriginalReply0