[Analysis] Bitwise Report: Crypto Stocks Rise 23% in H1 2026, Contrasting with Token Decline

In the first half of 2026, which Bitwise analysts described as an "everywhere bull market," crypto stocks emerged as one of the most resilient and profitable sectors. During this period, while the prices of underlying digital tokens suffered a harsh 36% decline, the stock prices of companies building industry infrastructure rose by 23%. This performance outpaced almost all major asset classes, including the S&P 500 and Nasdaq, with Emerging Markets being the only sector to record a higher return.

The first half of 2026 will be recorded as a period of 'great decoupling,' where the value of crypto-related companies was re-evaluated despite the decline in token prices.

The Bitwise report noted the stark contrast between the weakness of spot crypto assets and the strength of crypto-related stocks. This decoupling suggests that investors are increasingly weighing corporate infrastructure value and cash flow generation potential over the volatility of individual tokens. This is interpreted as a result of strengthened institutional confidence in companies that form the backbone of the industry, such as mining firms and exchanges.

Comparison of Major Asset Class Performance in H1 2026

The 23% return on crypto stocks is even more striking when compared to major indices in traditional financial markets. During the same period, the S&P 500 index rose only 9.6%, and the Nasdaq rose 12.8%. Even the Russell 2000 index, centered on small and mid-cap stocks, which had its best first half since 1991, followed crypto stocks with a 22% return.

• Crypto Stocks: 23.0% Increase
• Russell 2000: 22.0% Increase
• Nasdaq Composite: 12.8% Increase
• S&P 500: 9.6% Increase
• Crypto Assets (Tokens): 36.0% Decrease

One of the key drivers of this growth is the record-breaking expansion of tokenized Real World Assets (RWA). As of the second quarter of 2026, the tokenized RWA market reached a milestone of $33 billion, demonstrating substantial utility demand from institutional investors. This shift provides a strong basis for supporting the valuations of crypto-related companies.

According to the 2026 Benchmark Survey conducted by Bitwise and VettaFi, the perception of financial advisors has also shifted significantly. 15% of the advisors surveyed now consider crypto to be the top asset class of 2026, showing high interest particularly in stablecoins, tokenization, and crypto-linked AI investments. This reflects expectations for the industry's technological convergence beyond mere speculation.

Regulatory Environment and Global Market Changes

International regulatory progress is also serving as a factor in boosting market confidence. On July 15, 2026, the South Korean government amended a 76-year-old law to classify cryptocurrency as a national asset, providing a stable foundation for the crypto stock market. Additionally, a meeting between the U.S. Senate and the White House is scheduled to finalize the ethics provisions of the 'Clarity Act,' raising expectations for the resolution of regulatory uncertainty.

Denny Galindo of Morgan Stanley emphasized the importance of asset allocation as the market expands. He analyzed that although Solana (SOL) has high volatility, it has historically provided better portfolio diversification effects than Ethereum, suggesting that investors are looking beyond simple Bitcoin holdings toward diverse ecosystems.

Regarding the future outlook, William Blair analysts predicted that earnings for major companies like Coinbase will bottom out in the second half of 2026 and rebound in 2027. As the decline in token prices enters a stabilization phase, the stock market appears to be strengthening its positioning by already pricing in next year's full-scale recovery.

In conclusion, the first half of 2026 shows that the crypto industry has moved beyond simple price volatility and entered a period of maturity based on corporate performance and institutional acceptance. The Bitwise report suggests that despite temporary drops in token prices, the industry's infrastructure and institutional foundation are becoming more solid than ever, which is expected to be a key indicator determining the market's direction in the second half of the year.