bitwiseinvestments.

com

Crypto Market Review

Q1.25
Table of Contents Authors

Matt Hougan Ryan Rasmussen

Chief Investment Officer Head of Research
[email protected] [email protected]
@Matt_Hougan @RasterlyRock

Executive Summary 04 Josh Carlisle Juan Leon

Senior Data Analyst Senior Investment Strategist
Market Performance 05 [email protected] [email protected]
@0xcarlisle @singularity7x

Market Liquidity 20

Crypto Asset Fundamentals 24

Crypto Equity Fundamentals 42 Mallika Kolar

Quantitative Research Analyst
[email protected]
Crypto Investments 46 @mallikakolar

Portfolio Construction 53
The opinions expressed herein are intended to provide insight or education and
should not be relied upon by the reader as research or investment advice. This
Macro 63 material represents an assessment of the market environment at a specific time and is
not intended to be a forecast of future events, or a guarantee of future results. Bitwise
Regulation and Adoption 66 does not represent that this information is accurate and complete and it should not
be relied upon as such. The information contained in this material is subject to further
discussion, completion, and amendment, and may change without notice. Any use of
Definitions 70 this information is on an “as is” and “as available” basis and is at the user’s sole risk.
Connect with our dedicated team of crypto experts nationwide.

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Q1 2025: The Best Worst Quarter in Crypto’s History

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Frustrating. One place to start answering that question is the data in this
report. What caught my eye is that, despite the pullback in
That’s the best word to describe the past quarter. prices, parts of the crypto market are experiencing raging
bull markets. For instance:
On the one hand, it was historically positive. We saw the
first pro-crypto president take office and immediately sign Stablecoins AUM surged to an all-time high of
an executive order making the growth of digital assets over $218 billion, up 13.50% quarter-over-quarter.

Executive Summary
a national priority. The U.S. created a Strategic Bitcoin Transaction volume also surged 30.14%.
Reserve, the SEC dropped nearly all of its lawsuits against
the crypto industry, and Operation Choke Point 2.0—which Tokenized real-world assets went parabolic in Q1, growing
nearly cut off crypto from the traditional banking sector— 37.07% quarter-over-quarter to a new all-time high.
was shut down. Crypto dreamed of these developments for
years, and they finally all happened. Regulated bitcoin futures trading volume and open
interest also hit all-time highs, suggesting institutional
And yet, despite all the good news, crypto prices fell. interest in crypto as a macro trading asset is growing.
Sharply. The Bitwise 10 Large Cap Crypto Index dropped
18%, crypto equities tumbled 27%, and Ethereum—the As we move into Q2, I would expect these and related areas to
second-largest crypto asset—fell an astonishing 45%. lead the market higher.

It’s fair to ask: What happens next? Will improving Enjoy the report!
fundamentals lift crypto to new all-time highs or is all the
good news already priced in?

Matt Hougan
Chief Investment Officer
Bitwise Asset Management

04
10 Noteworthy Developments in Q1 2025

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Trump Signs Sweeping Crypto Executive Order States Race for Bitcoin
Trump signs executive order on “Strengthening American Leadership in Over 20 U.S. states jump into bitcoin legislation, igniting state-level
Digital Financial Technology,” ushering in a new era for crypto. bitcoin blitz.

Market Performance
U.S. Establishes Strategic Bitcoin Reserve ByBit Suffers Record $1.5 Billion Hack
Trump delivers on campaign promises, signing executive order to create a Crypto faces its largest hack ever as crypto exchange ByBit loses
Strategic Bitcoin Reserve and Digital Asset Stockpile. $1.5 billion.

SEC Ends Crypto Crackdown Meme Coin Meltdown

New SEC regime immediately repeals Biden- and Gensler-era enforcement Meme coins implode, with TRUMP, MELANIA, and LIBRE tokens
actions, lawsuits, and guidance. leading the carnage.

Rule Change Primes Bitcoin Buying Opportunity Abu Dhabi’s Bitcoin Bet
Financial Accounting Standards Board changes accounting rules, simplifying Abu Dhabi’s sovereign wealth fund reveals $437 million bitcoin
corporate reporting for digital assets like bitcoin. purchase.

Banks Get Crypto Green Light Corporate Bitcoin Trend Grows

Inspired by MicroStrategy, GameStop raises an eye-popping $1.5
FDIC and SEC remove barriers for banks to custody digital assets.
billion to buy bitcoin.

Source: Bitwise Asset Management. 05

Key Upcoming Catalysts

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Rising Global The Tailwinds Stablecoin (Digital) Gold
Money Supply of Regulatory Summer Renaissance
Relief

Market Performance
After years of tightening, The U.S. Congress is expected Geopolitical chaos—trade
central banks across the globe to pass landmark stablecoin wars, capital controls, and fiat
are signalling a shift towards The past six months brought legislation by July, creating a devaluations—are pushing
monetary easing and M2 a clean sweep of pro-crypto clear and compliant path for global investors to reassess
expansion. regulations: the repeal of SAB stablecoins at scale. their portfolios.
121, the dismissal of high-profile
SEC lawsuits, the restoration of
Historically, these conditions banking access, and a strategic We expect to see multiple In this environment, bitcoin
have been favorable for risk bitcoin reserve. large financial institutions— (like gold) is being increasingly
assets, particularly for digital banks, fintechs and payment viewed as a potential hedge:
assets. platforms—rapidly launch and liquid, scarce, and (most
What comes next? Platform support stablecoins. importantly) independent of
approvals will allow capital to tariffs, capital controls, and
Economic uncertainty around flow, protocols are unleashed to currency manipulation.
the imposition of tariffs could deliver economic value and new Growing stablecoin adoption
accelerate this growth. With services, and entrepreneurship will benefit adjacent sectors,
liquidity rising, crypto is primed and innovation can thrive in including DeFi and other crypto Falling faith in institutions opens
for outperformance. the U.S. applications. to the door for bitcoin as a
global asset.

This is the long tail of regulatory

clarity that no one is talking about,
and it’s just getting started.

Source: Bitwise Asset Management. 06

Performance of Crypto vs. Major Asset Classes

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20%

10%
Gold: 19.23%

Market Performance
Developed Market
Equities: 7.01%
Commodities: 5.67%
0%

— YTD Returns —
Emerging Market
Equities: 3.01%
U.S. Bonds: 2.78%

(10%) U.S. REITs: 1.07%

U.S. Equities: (4.27%)
Bitwise 10 Large Cap
Crypto Index: (18.17%)
(20%) Bitwise Crypto Innovators
30 Index: (27.80%)

(30%)
Jan '25 Feb '25 Mar '25

Source: Bitwise Asset Management with data from Bloomberg. Data as of March 31, 2025.
Note: Asset classes are represented by the following. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity Index Total Return. Developed Market
Equities: MSCI EAFE Gross Total Return USD Index. Emerging Market Equities: MSCI Emerging Markets Gross Total Return USD Index. Gold: Gold spot price. U.S.
Bonds: Bloomberg U.S. Aggregate Bond Index. U.S. Equities: S&P 500 Total Return Index. U.S. REITs: MSCI U.S. REIT Gross Total Return Index. For definitions of the
indexes and assets listed here, see p.70 .
All calculations are total return, including dividends for the stated period. Performance of an index is not illustrative of any particular investment. It is not possible to invest
directly in an index. Index performance does not include the fees and expenses that are charged by any Fund. Fund returns may differ materially from the returns of an
index. Past performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 07
Performance of Crypto vs. Major Asset Classes
— Cumulative — — Annualized —

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Q1 2025 1 YR 3 YR 5 YR 3 YR 5YR

Bitwise 10 Large Cap Crypto Index (18.17%) 0.53% 31.52% 968.63% 9.55% 60.57%

Bitwise Crypto Innovators 30 Index (27.80%) (6.73%) (29.66%) 498.33% (11.19%) 43.02%

Market Performance
Gold 19.23% 40.08% 61.22% 98.05% 16.82% 14.22%

Developed Market Equities 7.01% 5.53% 21.12% 78.71% 6.37% 11.87%

Commodities 5.67% 4.00% (1.09%) 132.48% (0.35%) 17.71%

Emerging Market Equities 3.01% 8.95% 5.83% 49.56% 1.84% 8.09%

U.S. Bonds 2.78% 4.88% 1.56% (1.97%) 0.51% (0.39%)

U.S. REITs 1.07% 10.26% (1.63%) 70.94% (0.53%) 10.92%

U.S. Equities (4.27%) 8.25% 29.73% 134.57% 9.13% 18.66%

Source: Bitwise Asset Management with data from Bloomberg. Data as of March 31, 2025.
Note: Asset classes are represented by the following. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity Index Total Return. Developed Market
Equities: MSCI EAFE Gross Total Return USD Index. Emerging Market Equities: MSCI Emerging Markets Gross Total Return USD Index. Gold: Gold spot price. U.S.
Bonds: Bloomberg U.S. Aggregate Bond Index. U.S. Equities: S&P 500 Total Return Index. U.S. REITs: MSCI U.S. REIT Gross Total Return Index. For definitions of the
indexes and assets listed here, see p.70 .
All calculations are total return, including dividends for the stated period. Performance of an index is not illustrative of any particular investment. It is not possible to invest
directly in an index. Index performance does not include the fees and expenses that are charged by any Fund. Fund returns may differ materially from the returns of an
index. Past performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 08
Performance of the Bitwise 10 Large Cap Crypto Index and Its Constituents

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75%

50%
XRP: (0.30%)

Market Performance
Bitcoin: (11.72%)
25% Bitwise 10 Large Cap
Crypto Index: (18.17%)

— YTD Returns —
Litecoin: (19.06%)

0% Cardano: (22.65%)
Chainlink: (32.24%)
Solana: (35.35%)

(25%) Polkadot: (39.41%)

Ethereum: (45.30%)
Sui: (45.52%)

(50%) Avalanche: (47.95%)

(75%)
Jan '25 Feb '25 Mar '25

Source: Bitwise Asset Management. Data as of March 31, 2025.

The Bitwise 10 Large Cap Crypto Index captures the 10 largest eligible crypto assets by free-float-adjusted market capitalization, screened and monitored for certain
risks. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance and crypto asset
performance do not include the fees and expenses that are charged by any fund. Fund returns may differ materially from the returns of an index or crypto asset. Past
performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 09
Performance of the Bitwise 10 Large Cap Crypto Index and Its Constituents
— Cumulative — — Annualized —

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INDEX WEIGHT Q1 2025 1 YR 3 YR 5 YR 3 YR 5YR

Bitwise 10 Large Cap

— (18.17%) 0.53% 31.52% 968.63% 9.55% 60.57%
Crypto Index

Market Performance
Bitcoin (BTC) 77.97% (11.72%) 16.08% 80.79% 1,172.59% 21.80% 66.27%

Ethereum (ETH) 10.51% (45.30%) (49.77%) (44.38%) 1,267.31% (17.74%) 68.67%

XRP (XRP) 5.77% (0.30%) 232.51% 156.88% 1,082.18% 36.76% 63.36%

Solana (SOL) 2.92% (35.35%) (37.44%) 1.80% — 0.60% —

Cardano (ADA) 1.12% (22.65%) 1.24% (42.93%) 2,054.49% (17.05%) 84.79%

Chainlink (LINK) 0.41% (32.24%) (29.19%) (19.81%) 501.64% (7.09%) 43.15%

Avalanche (AVAX) 0.37% (47.95%) (65.56%) (80.29%) — (41.77%) —

Sui (SUI) 0.34% (45.52%) 18.71% — — — —

Litecoin (LTC) 0.30% (19.06%) (20.34%) (32.98%) 113.33% (12.48%) 16.35%

Polkadot (DOT) 0.29% (39.41%) (57.88%) (81.09%) — (42.60%) —

Source: Bitwise Asset Management. Data as of March 31, 2025.

The Bitwise 10 Large Cap Crypto Index captures the 10 largest eligible crypto assets by free-float-adjusted market capitalization, screened and monitored for certain
risks. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance and crypto asset
performance do not include the fees and expenses that are charged by any fund. Fund returns may differ materially from the returns of an index or crypto asset. Past
performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 10
Performance of the Bitwise Crypto Innovators 30 Index and Its Top Constituents

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40%

20%
Strategy: (0.47%)

Market Performance
Applied Digital: (26.44%)
CleanSpark: (27.04%)
0%

— YTD Returns —
Bitwise Crypto Innovators
30 Index: (27.80%)
Riot Platforms: (30.26%)
Coinbase: (30.64%)
(20%)
MARA Holdings: (31.43%)
IREN Ltd: (37.98%)
Galaxy Digital: (39.24%)

(40%) Northern Data: (44.72%)

Core Scientific: (48.47%)

(60%)
Jan '25 Feb '25 Mar '25

Source: Bitwise Asset Management with data from Bloomberg. Data as of March 31, 2025.
The Bitwise Crypto Innovators 30 Total Return Index is an equity index that provides focused exposure to companies that are building the future of the crypto-asset-
enabled decentralized economy. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance
and equity performance do not include the fees and expenses that are charged by any fund. Fund returns may differ materially from the returns of an index or individual
equity. Past performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 11
Performance of the Bitwise Crypto Innovators 30 Index and Its Top Constituents
— Cumulative — — Annualized —

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INDEX WEIGHT Q1 2025 1 YR 3 YR 5 YR 3 YR 5YR

Bitwise Crypto
— (27.80%) (6.73%) (29.66%) 498.33% (11.19%) 43.02%
Innovators 30 Index

Market Performance
Strategy (MSTR) 12.55% (0.47%) 69.12% 492.76% 2,340.90% 81.69% 89.84%

Coinbase (COIN) 9.01% (30.64%) (35.04%) (9.29%) — (3.22%) —

MARA Holdings (MARA) 7.64% (31.43%) (49.07%) (58.86%) 2,455.56% (25.77%) 91.60%

Applied Digital (APLD) 4.86% (26.44%) 31.31% (64.11%) — (29.10%) —

Riot Platforms (RIOT) 4.50% (30.26%) (41.83%) (66.37%) 754.74% (30.63%) 53.80%

Northern Data (NB2 GR) 4.47% (44.72%) (10.94%) (59.72%) (41.61%) (25.88%) (10.09%)

Galaxy Digital (GLXY CN) 4.34% (39.24%) (1.28%) (38.16%) 1,563.27% (14.88%) 75.94%

Core Scientific (CORZ) 3.67% (48.47%) 104.52% — — — —

CleanSpark (CLSK) 3.65% (27.04%) (68.32%) (45.68%) 468.19% (18.54%) 41.74%

IREN Ltd (IREN) 3.41% (37.98%) 12.78% (61.14%) — (27.18%) —

Source: Bitwise Asset Management with data from Bloomberg. Data as of March 31, 2025. Index weights as of March 21, 2025.
The Bitwise Crypto Innovators 30 Total Return Index is an equity index that provides focused exposure to companies that are building the future of the crypto-asset-
enabled decentralized economy. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance
and equity performance do not include the fees and expenses that are charged by any fund. Fund returns may differ materially from the returns of an index or individual
equity. Past performance is no guarantee of future results. Please refer to additional important disclosures at the back of this document. 12
Total Crypto Market Capitalization

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$4.0T

MARKET CAP
ASSET (USD BILLIONS) % OF TOTAL

Market Performance
$3.0T Bitcoin $1,634.00 64.46%

Ethereum $217.78 8.59%

Others $683.19 26.95%

Total $2,534.98 100.00%

$2.0T

$1.0T

$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from CoinGecko and The Block. Chart data from April 28, 2013 to March 31, 2025. Table data as of March 31, 2025.
Note: “Others” includes all crypto assets for which data is available from CoinGecko and The Block, excluding stablecoins, Bitcoin, and Ethereum. Values in table may not
add to total due to rounding. 13
Bitcoin Seasonality: Average Monthly Performance

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40% 38.50%

34.40%

30%

Market Performance
27.30%

23.80%

20%

12.40%
11.30%
10.30%
10% 7.86%
7.24% 6.67%

0.23%
0%

(4.68%)

(10%)
January February March April May June July August September October November December

Source: Bitwise Asset Management. Data from August 1, 2010 to March 31, 2025. Past performance is no guarantee of future results. 14
Bitcoin: Annual Returns vs. Intrayear Declines

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Postive Annual Return Negative Annual Return Maximum Drawdown
6,000%
5,537%

5,000%

Market Performance
4,000%

3,000%

2,000%

1,474%
1,349%

1,000%

308%
186% 125% 157% 120%
34% 94% 57%
(58%) (74%) (64%) (12%)
0%
(100%)
(93%) (41%) (71%) (66%) (46%) (30%) (36%) (82%) (52%) (52%) (53%) (67%) (21%) (27%) (26%)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(YTD)

Source: Bitwise Asset Management. Data from January 1, 2011 to March 31, 2025. Past performance is no guarantee of future results. 15
Bitcoin Performance: Four-Year Cycles

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“The Early
“The Bitcoin Cycle” “The Ethereum Cycle” Application Cycle” “The Mainstream Cycle”

YEAR BTC YEAR BTC YEAR BTC YEAR BTC

Market Performance
2011 1,474% 2015 34% 2019 94% 2023 157%

2012 186% 2016 125% 2020 308% 2024 120%

2025
2013 5,537% 2017 1,349% 2021 57% (YTD) (12%)

2014 (58%) 2018 (74%) 2022 (64%) 2026 —

Source: Bitwise Asset Management. Data from December 31, 2010 to March 31, 2025.
Note: The names given to the four-year cycles represent our assessment of the forces that most contributed to bitcoin’s performance during that period.
Performance information is provided for informational purposes only. Returns reflect the return of bitcoin itself, and not of any fund or account, and do not include
any fees. Backward-looking performance cannot predict how any investment strategy will perform in the future. Future crypto cycles may not be four years long; the
four-year increment is based on historical data for illustrative purposes and is not a prediction of future results. This material represents an assessment of the market
environment at a specific time and is not intended to be a forecast of future events, or a guarantee of future results. 16
Historical Bitcoin Performance After Bitcoin Halvings

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2016 Halving 2020 Halving 2024 Halving
3,000%

2,500%

Market Performance
2,000%

1,500%

1,000%

500%

0%
(100%) Returns Since 2024 Halving
Halving 500 Days 1,000 Days 1,500 Days
After Halving After Halving After Halving

Source: Bitwise Asset Management. Data from July 9, 2016 to March 31, 2025. Past performance is no guarantee of future results. 17
Performance of Major Assets and Asset Classes

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2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (YTD)

Bitcoin Bitcoin Bitcoin U.S. REITs Bitcoin Bitcoin Bitcoin U.S. Bonds Bitcoin Bitcoin Bitcoin Commodities Bitcoin Bitcoin Gold
1,473.76% 186.08% 5,537.40% 30.38% 33.74% 124.81% 1,349.04% 0.01% 93.95% 308.17% 57.25% 21.23% 156.89% 119.58% 19.23%

Gold EM Equities U.S. Equities U.S. Equities U.S. REITs Commodities EM Equities Gold U.S. Equities Gold U.S. REITs Gold U.S. Equities Gold DM Equities
10.10% 18.63% 32.39% 13.69% 2.52% 19.53% 37.75% (1.56%) 31.49% 25.12% 43.06% (0.28%) 26.29% 27.22% 7.01%

Market Performance
U.S. REITs DM Equities DM Equities U.S. Bonds U.S. Equities U.S. Equities DM Equities U.S. Equities U.S. REITs EM Equities Commodities U.S. Bonds DM Equities U.S. Equities Commodities
8.69% 17.90% 23.29% 5.97% 1.38% 11.96% 25.62% (4.38%) 25.84% 18.69% 42.60% (13.01%) 18.85% 25.02% 5.67%

U.S. Bonds U.S. REITs U.S. REITs Gold U.S. Bonds EM Equities U.S. Equities U.S. REITs DM Equities U.S. Equities U.S. Equities DM Equities U.S. REITs U.S. REITs EM Equities
7.84% 17.77% 2.47% (1.44%) 0.55% 11.60% 21.83% (4.57%) 22.66% 18.40% 28.71% (14.01%) 13.74% 8.75% 3.01%

U.S. Equities U.S. Equities U.S. Bonds EM Equities DM Equities U.S. REITs Gold Commodities EM Equities DM Equities DM Equities U.S. Equities Gold EM Equities U.S. Bonds
2.11% 16.00% (2.02%) (1.82%) (0.39%) 8.60% 13.53% (11.18%) 18.88% 8.28% 11.78% (18.11%) 13.10% 8.05% 2.78%

Commodities Gold EM Equities DM Equities Gold Gold Commodities DM Equities Gold U.S. Bonds U.S. Bonds EM Equities EM Equities DM Equities U.S. REITs
(2.39%) 7.06% (2.27%) (4.48%) (10.41%) 8.14% 6.16% (13.36%) 18.31% 7.51% (1.54%) (19.74%) 10.27% 4.35% 1.07%

DM Equities U.S. Bonds Commodities Commodities EM Equities U.S. Bonds U.S. REITs EM Equities Commodities Commodities EM Equities U.S. REITs U.S. Bonds Commodities U.S. Equities
(11.73%) 4.22% (6.55%) (26.43%) (14.60%) 2.65% 5.07% (14.24%) 12.94% (7.53%) (2.22%) (24.51%) 5.53% 2.85% (4.27%)

EM Equities Commodities Gold Bitcoin Commodities DM Equities U.S. Bonds Bitcoin U.S. Bonds U.S. REITs Gold Bitcoin Commodities U.S. Bonds Bitcoin
(18.17%) 4.16% (28.28%) (57.74%) (26.68%) 1.51% 3.54% (73.71%) 8.72% (7.57%) (3.64%) (63.91%) (5.33%) 1.25% (11.72%)

Source: Bitwise Asset Management with data from Bloomberg. Data from December 31, 2010 to March 31, 2025.
Note: Asset classes are represented by the following. Bitcoin: BTC spot price. Gold: Gold spot price. U.S. REITs: MSCI U.S. REIT Gross Total Return Index. U.S. Bonds:
Bloomberg U.S. Aggregate Bond Index. U.S. Equities: S&P 500 Total Return Index. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity Index Total
Return. DM Equities: MSCI EAFE Gross Total Return USD Index. EM Equities: MSCI Emerging Markets Gross Total Return USD Index. All calculations are total return,
including dividends for the stated period. For definitions of the indexes and assets listed here, see p.70.
Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. Index performance and equity performance do not
include the fees and expenses that are charged by any fund. Fund returns may differ materially from the returns of an index or individual equity. Past performance is no
guarantee of future results. 18
Correlations of Select Assets and Asset Classes
90-Day Rolling

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BITWISE 10 LARGE
CAP CRYPTO INDEX
1.00

BITWISE CRYPTO
INNOVATORS 30 INDEX
0.78 1.00

Market Performance
BITCOIN 0.97 0.78 1.00

U.S. EQUITIES 0.52 0.68 0.49 1.00

DEVELOPED
MARKET EQUITIES
0.26 0.22 0.19 0.24 1.00

EMERGING
MARKET EQUITIES
0.18 0.22 0.12 0.15 0.67 1.00

COMMODITIES 0.16 0.10 0.18 0.09 -0.11 -0.07 1.00

U.S. REITS 0.20 0.31 0.20 0.53 0.25 0.08 -0.08 1.00

U.S. BONDS -0.04 -0.02 -0.09 0.08 0.22 -0.09 -0.29 0.31 1.00

GOLD 0.15 0.16 0.20 0.14 0.04 0.06 0.42 0.09 -0.02 1.00

BITWISE 10 BITWISE BITCOIN U.S. DEVELOPED EMERGING COMMODITIES U.S. REITS U.S. BONDS GOLD
LARGE CAP CRYPTO EQUITIES MARKET MARKET
CRYPTO INNOVATORS EQUITIES EQUITIES
INDEX 30 INDEX

Source: Bitwise Asset Management with data from Bloomberg. Data as of March 31, 2025.
Note: Asset classes are represented by the following. U.S. Equities: S&P 500 Total Return Index. Developed Market Equities: MSCI EAFE Gross Total Return USD
Index. Emerging Market Equities: MSCI Emerging Markets Gross Total Return USD Index. Commodities: Deutsche Bank DBIQ Optimum Yield Diversified Commodity
Index Total Return. U.S. REITs: MSCI U.S. REIT Gross Total Return Index. U.S. Bonds: Bloomberg U.S. Aggregate Bond Index. Gold: Gold spot price. For definitions of the
indexes and assets listed here, see p.70. 19
Bitcoin Ownership by Type

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Individuals: 69.3%

Estimated Lost: 7.5%

Funds/ETPs: 6.2%

Market Liquidity
Satoshi1: 4.6%
Total Bitcoin Supply:
Businesses: 4.3%

21 Million
Governments: 1.4%

Other: 1.2%

To Be Mined: 5.5%

1.2M
0.2M
0.3M
0.9M
1.0M
1.3M
1.6M
14.5
M

Source: Bitwise Asset Management with data from River and BitMEX
Research. Data as of March 16, 2025.
(1) Psuedonymous creator of bitcoin.
Values in table may not add to total due to rounding. 20
Bitcoin Demand From U.S. Spot ETPs vs. New Supply

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Bitcoin Purchased by U.S. Spot ETPs

Market Liquidity
529,325

New Bitcoin Supply Since U.S. Spot ETPs Launched

249,725
Source: Bitwise Asset Management with data from Coin Metrics and The Block. Data from January 11, 2024 to March 31, 2025. 21
Spot Trading Volume on Centralized Exchanges

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Coinbase Kraken Bitstamp LMAX Digital Gemini Others

$700B

$600B

Market Liquidity
$500B

$400B

$300B

$200B

$100B

$0
Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from The Block. Data from Q1 2020 to Q1 2025.
Note: “Others” includes bitFlyer and itBit. “Centralized Exchanges” refers to venues that meet the criteria for “Eligible Crypto Asset Trading Venues” per the Bitwise
Crypto Asset Index Methodology. The methodology is available at https://bitwiseinvestments.com/indexes/methodology. “Spot trading” refers to trading in a
financial market in which financial instruments are traded for immediate delivery. 22
CME Bitcoin and Ethereum Futures

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Total Volume Average Open Interest

Bitcoin Ethereum Bitcoin Ethereum

$900B $16B

Market Liquidity
$800B $14B

$700B
$12B

$600B
$10B

$500B
$8B

$400B

$6B
$300B

$4B
$200B

$2B
$100B

$0 $0
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q3 ‘22
Q4 ‘22
Q1 ‘23
Q2 ‘23
Q3 ‘23
Q4 ‘23
Q1 ‘24
Q2 ‘24
Q3 ‘24
Q4 ‘24
Q1 ‘25
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q3 ‘22
Q4 ‘22
Q1 ‘23
Q2 ‘23
Q3 ‘23
Q4 ‘23
Q1 ‘24
Q2 ‘24
Q3 ‘24
Q4 ‘24
Q1 ‘25

Source: Bitwise Asset Management with data from The Block and CoinGlass. Source: Bitwise Asset Management with data from The Block and CoinGlass.
Data from Q1 2021 to Q1 2025. Data from Q1 2021 to Q1 2025. 23
Revenue: Leading Blockchains

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Solana Ethereum Bitcoin Avalanche Cardano
$5B

$4B

Crypto Asset Fundamentals

$3B

$2B

$1B

$0
Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

— USD millions —
2019 2020 2021 2022 2023 2024 2025 (YTD)

Solana — <$1.0 $28.2 $26.3 $25.6 $750.7 $369.5

Ethereum 34.6 595.7 9,911.4 4,298.7 2,406.2 2,478.5 220.8

Bitcoin 155.8 324.3 1,016.5 141.9 796.1 922.9 51.9

Avalanche — — 40.9 94.2 64.9 17.1 1.5

Cardano <1.0 <1.0 8.0 8.4 3.0 4.4 1.3

Source: Bitwise Asset Management with data from Token Terminal. Chart data from Q1 2020 to Q1 2025. Table data from January 1, 2019 to March 31, 2025. 24
Average Developer Count

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Ethereum Solana Bitcoin Cardano Avalanche

10,000

Crypto Asset Fundamentals

8,000

6,000

4,000

2,000

0
Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from Artemis and Electric Capital Crypto Ecosystems Mapping. Data from Q1 2020 to Q1 2025.
Note: “Average Developer Count” includes developers contributing to Layer 1 blockchains as well as Layer 2s and crypto applications for which data is available from Artemis. 25
Average Daily Active Addresses: Ethereum and Layer 2s

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Ethereum Base Arbitrum Optimism ZKSync Starknet

2.5M

Crypto Asset Fundamentals

2.0M

1.5M

1.0M

0.5M

0
Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from Coin Metrics and Token Terminal. Data from Q1 2020 to Q1 2025. 26
Transaction Count: Ethereum and Layer 2s

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Ethereum Base Arbitrum Optimism Starknet ZKSync

1,250M

Crypto Asset Fundamentals

1,000M

750M

500M

250M

0M
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25

Source: Bitwise Asset Management with data from Token Terminal. Data from Q1 2020 to Q1 2025. 27
Median Fee Per Transaction: Leading Blockchains and Layer 2s
$0.70

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$0.668

$0.60
$0.555

Crypto Asset Fundamentals

$0.50

$0.40

$0.30

$0.20

$0.10

$0.015
$0.006 $0.005 $0.005 $0.003 $0.003 $0.002
$0
Ethereum Bitcoin ZKSync Avalanche Arbitrum Starknet Base Solana Optimism

Source: Bitwise Asset Management with data from Token Terminal. Data from January 1 to March 31, 2025. 28
Top 10 Crypto Applications by Revenue Total Value Locked in DeFi by Sector

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12-MONTH Staking Lending Trading Others
REVENUE
PROTOCOL DESCRIPTION (USD MILLIONS) 1
$225B
Leading Solana-based staking-as-a
Jito $1,067.1
service app
$200B

Crypto Asset Fundamentals

Uniswap Leading decentralized crypto exchange 1,029.6
$175B

Lido Leading staking-as-a-service app 972.1

$150B
Infrastructure application for mitigating
Flashbots 573.3
MEV
$125B

Largest lending and borrowing

Aave 572.0 $100B
application in DeFi

PancakeSwap Popular decentralized crypto exchange 299.3 $75B

Popluar decentralized exchange on

Aerodrome 289.4 $50B
Base

Solv Protocol Popular bitcoin-staking protocol 173.1 $25B

Popular lending and borrowing $0

Morpho 115.5
application in DeFi Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q3 ‘22
Q4 ‘22
Q1 ‘23
Q2 ‘23
Q3 ‘23
Q4 ‘23
Q1 ‘24
Q2 ‘24
Q3 ‘24
Q4 ‘24
Q1 ‘25
GMX Leading crypto derivatives exchange 98.3

Source: Bitwise Asset Management with data from The Block and DeFi
Llama. Data from Q1 2020 to Q1 2025.
Source: Bitwise Asset Management with data from Token Terminal. Data from Note: “Total Value Locked” (TVL) is a measure of the total amount of capital
April 1, 2024 to March 31, 2025. deployed in DeFi applications. “Staking” includes liquid staking, liquid
(1) Revenue is made up of the total fees paid by users. restaking, and restaking. 29
Trading Volume: Coinbase vs. Uniswap

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Coinbase Uniswap

$600B

Crypto Asset Fundamentals

$450B

$300B

$150B

$0
Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from The Block and DeFi Llama. Data from Q4 2020 to Q1 2025. 30
Stablecoin Market Capitalization Stablecoin Transactions

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USDT USDC Others USDC USDT Others

$7T
$225B

$200B
$6T

Crypto Asset Fundamentals

$175B
$5T

$150B

$4T
$125B

$100B $3T

$75B
$2T

$50B

$1T
$25B

$0B $0
Q1 '20
Q2 '20
Q3 '20
Q4 '20
Q1 '21
Q2 '21
Q3 '21
Q4 '21
Q1 '22
Q2 '22
Q3 '22
Q4 '22
Q1 '23
Q2 '23
Q3 '23
Q4 '23
Q1 '24
Q2 '24
Q3 '24
Q4 '24
Q1 '25
Q1'20
Q2'20
Q3'20
Q4'20
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25

Source: Bitwise Asset Management with data from Coin Metrics. Data from
Source: Bitwise Asset Management with data from The Block, Coin Metrics, Q1 2020 to Q1 2025.
and CoinGecko. Data from Q1 2020 to Q1 2025. Note: “Others” includes BUSD, crvUSD, DAI, FDUSD, GUSD, HUSD, LUSD,
Note: “Others” includes BUSD, crvUSD, DAI, FDUSD, FEI, FRAX, GHO, GUSD, PYUSD, TUSD, USDD, USDK, USDM, and USDP. On September 18, 2024, DAI
HUSD, LUSD, MIM, PYUSD, TUSD, USDD, USDP, and USDS. became convertible to USDS, which is not included in this chart. 31
Volume: Stablecoin Transactions vs. Visa Payments

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Stablecoins Visa
$14T

$12T

Crypto Asset Fundamentals

$10T

$8T

$6T

$4T

$2T

$0
2018 2019 2020 2021 2022 2023 2024

Source: Bitwise Asset Management with data from Coin Metrics and Visa. Data from January 1, 2018 to December 31, 2024 (most recently reported data for Visa). 32
Holders of U.S. Treasuries: Stablecoins vs. Top Foreign Holders
$1,200B

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$1,000B

Crypto Asset Fundamentals

$800B

$600B

$400B

$200B

$0
Japan

China

United Kingdom

Luxembourg

Cayman Islands

Canada

Belgium

Ireland

France

Switzerland

Taiwan

Hong Kong

Singapore

India

Brazil

Norway

Stablecoins

Saudi Arabia

South Korea

Mexico

Germany
Source: Bitwise Asset Management with data from the U.S. Department of the Treasury and company reports. Data as of December 31, 2024.
Note: This table was inspired by a presentation by Nic Carter, a Founding Partner at Castle Island Ventures. “Stablecoins” refers to the top four stablecoins by market
capitalization for which reserve attestation reports were available as of December 31, 2024 (USDT, USDC, FDUSD, and PYUSD). “U.S. Treasury” holdings include U.S.
Treasury bills, U.S. Treasury debt, reverse repurchase agreements, and money market funds. 33
Value of Tokenized Real-World Assets (RWAs)

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Private Credit U.S. Treasury Debt Commodities Stocks Institutional Alternative Funds Others
$20B

Crypto Asset Fundamentals

$16B

$12B

$8B

$4B

$0
2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from RWA.xyz. Data from January 1, 2020 to March 31, 2025.
Note: Stablecoin issuers such as Circle and Tether are intentionally ommitted. 34
Tokenized U.S. Treasuries

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BlackRock Ondo Finance Franklin Templeton Superstate WisdomTree Others
$5B

Crypto Asset Fundamentals

$4B

$3B

$2B

$1B

$0
Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from RWA.xyz. Data from January 1, 2023 to March 31, 2025.
Note: Stablecoin issuers such as Circle and Tether are intentionally ommitted. 35
Polymarket Volume and Open Interest

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Volume by Category Open Interest

Sports Politics Crypto Pop Culture Business Others

$8B $500M

Crypto Asset Fundamentals

$7B

$400M
$6B

$5B
$300M

$4B

$200M
$3B

$2B
$100M

$1B

$0 $0
Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from Blockworks Research. Source: Bitwise Asset Management with data from Blockworks Research.
Data from January 1, 2023 to March 31, 2025. Data from January 1, 2023 to March 31, 2025. 36
Polymarket Markets

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Volume Share by Category Top Five Markets

Q1 ‘25 VOLUME
Sports: 40.5% MARKET NAME (USD MILLIONS)

Politics: 27.4% Will the Atlanta Hawks win the 2025 $203.6
NBA Finals?

Crypto Asset Fundamentals

Crypto: 16.5%

Pop Culture: 7.6% Who will be inaugurated as President? 124.2

Business: 6.4%
Will Manchester City win the Premier 106.1
League?
Other: 1.4%

Will TikTok be banned in the U.S. before 98.2

May 2025?

Will Manchester City win the UEFA 83.8

Champions League?

Source: Bitwise Asset Management with data from Blockworks Research. Data as of
March 31, 2025. Source: Bitwise Asset Management with data from
Note: Values may not add to total due to rounding. Blockworks Research. Data as of March 31, 2025. 37
Ethereum Supply Since “The Merge”: ETH Issued vs. Burned
Cumulative Burned — Net Supply Change

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Cumulative Issued
2.5M ETH

2.0M ETH

Crypto Asset Fundamentals

1.5M ETH

1.0M ETH

0.5M ETH

0.0M ETH

(0.5M) ETH

(1.0M) ETH

(1.5M) ETH

(2.0M) ETH

(2.5M) ETH
Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from Coin Metrics and Ultra Sound Money. Data from September 15, 2022 to March 31, 2025.
Note: The Merge (Ethereum’s transition to proof-of-stake validation) took place on September 15, 2022. As of March 31, 2025, the total supply of Ethereum was
120,652,306 ETH. 38
Percentage of Ethereum Supply Staked

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100%

80%

Crypto Asset Fundamentals

60%

40%
28.48%

20%

0%
Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from Coin Metrics and The Block. Data from November 3, 2020 to March 31, 2025.
Note: Staking involves making a financial commitment to a blockchain in its native asset to secure the network, typically in exchange for yield. Staking typically requires
the owner to lock up the staked asset for a period of time. The “Shapella” upgrade in April 2023 allowed staked ETH to be withdrawn. 39
Bitcoin Held by Public Companies

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Strategy (MSTR) All Others
700K BTC

600K BTC

Crypto Asset Fundamentals

500K BTC MSTR: 77%

MSTR: 75%
400K BTC

300K BTC

200K BTC

MSTR: 70%

100K BTC MSTR: 64%

MSTR: 58%

MSTR: 83%
MSTR: 0% MSTR: 0% MSTR: 0%
0 BTC
2017 2018 2019 2020 2021 2022 2023 2024 2025

Bitwise Asset Management with data from BitcoinTreasuries.net, news reports, company public statements, and financial documents. Data from January 1, 2017 to
March 31, 2025.
Note: Values are as of year-end except for 2025, which is as of March 31. 40
Top 10 Public Companies by Bitcoin Ownership

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600K BTC

500K BTC

Crypto Asset Fundamentals

400K BTC

300K BTC

200K BTC

100K BTC

0 BTC
Strategy MARA Riot CleanSpark Tesla Hut 8 Block Coinbase Metaplanet Bitcoin
Holdings Platforms Group SE

Bitwise Asset Management with data from BitcoinTreasuries.net, news reports, company public statements, and financial documents. Chart reflects the most recent
available data as of March 31, 2025. 41
Crypto Equities vs. Other Industries

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Price-to-Sales Ratio 2025 Estimated Full-Year Revenue Growth

Real Estate Crypto Equities

Information Technology Information Technology

Crypto Equity Fundamentals

Crypto Equities Utilities

Healthcare Financials

Industrials Healthcare

Utilities Industrials

Energy Consumer Discretionary

Financials Real Estate

Consumer Discretionary Energy

Materials Materials

Communication Services Communication Services

Consumer Staples Consumer Staples

0%

10%

20%

30%

40%

50%

60%
0 2 4 6 8 10

Source: Bitwise Asset Management with data from Bloomberg. Calculations

are based on trailing 12-month sales as of December 31, 2024, or latest Source: Bitwise Asset Management with data from Bloomberg. Data as of
available. Price data as of March 31, 2025. March 31, 2025. 42
Mining Cost per Bitcoin for Crypto Miners

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Energy and Hosting Hardware and Overhead
$180,000

$150,000

Crypto Equity Fundamentals

$120,000

Average Bitcoin Price

in Q1 2025: $93,405
$90,000

$60,000

$30,000

$0
Bit Hut 8 HIVE TeraWulf MARA Core Riot Bitfarms Bitdeer CleanSpark Cipher IREN Ltd
Digital Digital Holdings Scientific Platforms Mining
Technologies

Source: Bitwise Asset Management with data from company filings. Chart reflects the most recent available quarterly data as of March 31, 2025.
Note: “Energy and hosting” represents the cost of electricity and hosting that a miner incurs to produce one bitcoin. “Hardware and overhead” also includes depreciation
expenses, such as the cost of ASICs and depreciation of hosting facilities for machines. 43
Bitcoin Production by Top Five Miners

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Q2 2024 Q3 2024 Q4 2024 Q1 2025

3,000 BTC

Crypto Equity Fundamentals

2,500 BTC

2,000 BTC

1,500 BTC

1,000 BTC

500 BTC

0 BTC
MARA Holdings CleanSpark Riot Platforms IREN Ltd Core Scientific

Source: Bitwise Asset Management with data from company filings. Data from Q2 2024 to Q1 2025.
Note: “Top five miners” refers to the top five miners by bitcoin production in the most recent quarter. 44
Bitcoin Owned by Top Five Miners

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Q2 2024 Q3 2024 Q4 2024 Q1 2025

50,000 BTC

Crypto Equity Fundamentals

40,000 BTC

30,000 BTC

20,000 BTC

10,000 BTC

0 BTC
MARA Holdings Riot Platforms CleanSpark Bitfarms Cipher Mining

Source: Bitwise Asset Management with data from company filings. Data from Q2 2024 to Q1 2025.
Note: “Top five miners” refers to the top five miners by bitcoin production in the most recent quarter. Core Scientific and IREN Ltd are two of the top five miners by bitcoin
production, but currently do not hold bitcoin on their balance sheets. Therefore, the next two miners by bitcoin production, Cipher Mining and Bitfarms, are included here instead. 45
U.S. Spot Bitcoin ETPs: Monthly Net Flows

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$7B

$6B
Net Flows Assets Under
Since Launch Management
(USD Billions) (USD Billions)
$5B
$36.4 $93.2

Crypto Investments
$4B

$3B

$2B

$1B

$0

($1B)

($2B)

($3B)

($4B)
Jan '24 Feb '24 Mar '24 Apr '24 May '24 Jun '24 Jul '24 Aug '24 Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25

Source: Bitwise Asset Management with data from Bloomberg and The Block. Chart data from January 11 to March 31, 2025. Inset data as of March 31, 2025. 46
U.S. Spot Bitcoin ETP Ownership by Professional Investors

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By Category Top 10 Holders

PERCENTAGE OF MARKET VALUE OF

CATEGORY SPOT BITCOIN ETP AUM INSTITUTION HOLDINGS (USD MILLIONS)

Hedge Fund 36.97% Millennium Management $4,417

Crypto Investments
Investment Advisor 33.11% Brevan Howard 2,780

Brokerage 14.91% Jane Street 2,230

Private Equity 2.90% Goldman Sachs 2,099

Bank 1.27% Horizon Kinetics 1,469

Pension Fund 1.02% Capula Management 1,429

Family Office/Trust 0.13% D.E. Shaw 1,383

Venture Capital 0.06% Symmetry Investments 1,346

Insurance Company 0.01% Schonfeld Strategic Advisors 1,252

Other 9.61% Avenir 1,202

Source: Bitwise Asset Management with data from Bloomberg. Data as of

December 31, 2024. Source: Bitwise Asset Management with data from Whale Wisdom. Data as
Note: Values may not add to total due to rounding. of December 31, 2024. 47
U.S. Spot Ethereum ETPs: Monthly Net Flows

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$2.5B

Net Flows Assets Under

Since Launch Management
$2.0B (USD Billions) (USD Billions)
$2.4 $6.3

Crypto Investments
$1.5B

$1.0B

$0.5B

$0.0B

($0.5B)
Jul '24 Aug '24 Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25

Source: Bitwise Asset Management with data from Bloomberg. Chart data from July 22, 2024 to December 31, 2024. Inset data as of March 31, 2025. 48
U.S. Spot Ethereum ETP Ownership by Professional Investors

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By Category Top 10 Holders

PERCENTAGE OF MARKET VALUE OF

CATEGORY SPOT ETHEREUM ETP AUM INSTITUTION HOLDINGS (USD MILLIONS)

Investment Advisor 29.79% Goldman Sachs $477

Crypto Investments
Brokerage 25.25% Jane Street 450

Hedge Fund 24.74% Millennium Management 182

Private Equity 1.11% D.E. Shaw 154

Pension Fund 0.90% Elequin 136

Bank 0.62% Brevan Howard 94

Family Office/Trust 0.62% Schonfeld Strategic Advisors 75

Other 16.96% HBK Investments 51

SG Americas Securities 50

Almitas Capital 48

Source: Bitwise Asset Management with data from Bloomberg. Data as of Source: Bitwise Asset Management with data from Whale Wisdom. Data as of
December 31, 2024. December 31, 2024. 49
Crypto Venture Funding

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Infrastructure DeFi Crypto Financial Services Web3 NFT & Gaming Others

$15B

Crypto Investments
$12B

$9B

$6B

$3B

$0
Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25

Source: Bitwise Asset Management with data from The Block. Data from Q1 2020 to Q1 2025. 50
Top Ten Venture Funding Deals in Q1

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AMOUNT
COMPANY NAME (USD MILLIONS) LEAD INVESTOR CATEGORY DESCRIPTION

Binance $2,000.0 MGX Crypto Financial Services Binance is one of the world's largest crypto exchanges.

Crypto Investments
World Liberty 590.0 Multiple DeFi World Liberty Financial is a DeFi lending project associated with
Financial President Trump and his sons.

The Open 400.0 Multiple Infrastructure The Open Network (TON) is a blockchain that powers mini apps
Network within Telegram's messaging app ecosystem.

Figure 200.0 Sixth Street Tokenization Figure Technologies uses blockchain to facilitate the tokenization
Technologies of assets, such as home equity and private credit.

Phantom 150.0 Multiple Infrastructure Phantom is a wallet for the Solana ecosystem that enables users to
interact with crypto applications.

Walrus 140.0 Standard Crypto Infrastructure Built on Sui, Walrus is a decentralized storage network for raw data
and media files like videos, images, and PDFs.

Ethena 100.0 Multiple DeFi Ethena provides infrastructure to create synthetic yield-bearing
stablecoins.

Mesh 82.0 Paradigm Crypto Financial Services Mesh provides a Web3 payment system that allows users to
directly pay merchants with crypto assets.

Komainu 75.0 Blockstream Crypto Financial Services Komainu is a digital asset custodian.

Bitwise Asset 70.0 Multiple Crypto Financial Services Bitwise is a leading global crypto-asset manager.
Management

Source: Bitwise Asset Management with data from The Block. Data from Q1 2025. 51
Top Ten Venture Funding Deals in Q1
Sector Breakdown

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Crypto Financial Services: 58%

DeFi: 18%

Crypto Investments
Infrastructure: 18%

Tokenization: 5%

Source: Bitwise Asset Management with data from The Block. Data from Q1 2025. 52
Historical Impact on a Traditional 60/40 Portfolio: Bitcoin
Portfolio Performance Metrics (Rebalanced Quarterly)

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CUMULATIVE ANNUALIZED ANNUALIZED SHARPE MAXIMUM
PORTFOLIO RETURN RETURN VOLATILITY RATIO DRAWDOWN

Portfolio Construction
Traditional 60/40 Portfolio 96.57% 6.20% 8.48% 0.441 22.07%

Traditional Portfolio + 1.0% Bitcoin 116.04% 7.10% 8.57% 0.539 22.73%

Traditional Portfolio + 2.5% Bitcoin 148.07% 8.42% 8.87% 0.667 23.72%

Traditional Portfolio + 5.0% Bitcoin 209.66% 10.59% 9.72% 0.826 25.35%

Traditional Portfolio + 10.0% Bitcoin 368.30% 14.73% 12.23% 0.988 28.53%

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2014 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of bitcoin. The period before 2014 is excluded to better represent the experience of professional asset allocators in the U.S., as the first investable
bitcoin fund launched in late 2013. For more details, please refer to our white paper “Bitcoin’s Role in a Traditional Portfolio” published in April 2025 and available at
https://bitwiseinvestments.com/crypto-market-insights/bitcoins-role-in-a-traditional-portfolio.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 53
Historical Impact on a Traditional 60/40 Portfolio: Bitcoin
Contribution of a 5% Bitcoin Allocation to a 60/40 Portfolio: 3-Year Rolling Cumulative Return (Rebalanced Quarterly)

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Positive Bitcoin Contribution

75% Negative Bitcoin Contribution

Baseline Traditional 60/40 Portfolio

Portfolio Construction
50% Maximum Contribution 47.60 pp

Median Contribution 20.82 pp

Minimum Contribution 2.65 pp

25%
Win Rate 100%

Loss Rate 0%
0%
2017 2018 2019 2020 2021 2022 2023 2024 2025

Investment End Date

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2014 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of bitcoin. The period before 2014 is excluded to better represent the experience of professional asset allocators in the U.S., as the first investable
bitcoin fund launched in late 2013. For more details, please refer to our white paper “Bitcoin’s Role in a Traditional Portfolio” published in April 2025 and available at
https://bitwiseinvestments.com/crypto-market-insights/bitcoins-role-in-a-traditional-portfolio.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 54
Historical Impact on a Traditional 60/40 Portfolio: Ethereum
Portfolio Performance Metrics (Rebalanced Quarterly)

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CUMULATIVE ANNUALIZED ANNUALIZED SHARPE MAXIMUM
PORTFOLIO RETURN RETURN VOLATILITY RATIO DRAWDOWN

Portfolio Construction
Traditional 60/40 Portfolio 77.02% 7.17% 9.03% 0.493 22.07%

Traditional Portfolio + 1.0% Ethereum 103.63% 9.00% 9.38% 0.665 22.60%

Traditional Portfolio + 2.5% Ethereum 148.98% 11.69% 10.37% 0.854 23.39%

Traditional Portfolio + 5.0% Ethereum 240.73% 16.02% 12.73% 1.027 24.70%

Traditional Portfolio + 10.0% Ethereum 496.93% 24.18% 18.16% 1.158 27.38%

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2017 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of Ethereum. The period before 2017 is excluded as that is the first year that full-year price data is available for Ethereum.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 55
Historical Impact on a Traditional 60/40 Portfolio: Ethereum
Contribution of a 5% Ethereum Allocation to a 60/40 Portfolio: 3-Year Rolling Cumulative Return (Rebalanced Quarterly)

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Positive Ethereum Contribution
Negative Ethereum Contribution
75%
Baseline Traditional 60/40 Portfolio

Portfolio Construction
Maximum Contribution 73.11 pp
50%

Median Contribution 18.67 pp

Minimum Contribution 0.01 pp

25%
Win Rate 100%

Loss Rate 0%

0%
2020 2021 2022 2023 2024 2025

Investment End Date

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2017 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of Ethereum. The period before 2017 is excluded as that is the first year that full-year price data is available for Ethereum.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 56
Historical Impact on a Traditional 60/40 Portfolio: Equal Weight Bitcoin and Ethereum
Portfolio Performance Metrics (Rebalanced Quarterly)

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CUMULATIVE ANNUALIZED ANNUALIZED SHARPE MAXIMUM
PORTFOLIO RETURN RETURN VOLATILITY RATIO DRAWDOWN

Portfolio Construction
Traditional 60/40 Portfolio 77.02% 7.17% 9.03% 0.511 22.07%

Traditional Portfolio + 1.0% BTC & ETH (50/50) 96.67% 8.54% 9.22% 0.646 22.66%

Traditional Portfolio + 2.5% BTC & ETH (50/50) 129.41% 10.59% 9.70% 0.820 23.55%

Traditional Portfolio + 5.0% BTC & ETH (50/50) 193.56% 13.94% 10.90% 1.030 25.02%

Traditional Portfolio + 10.0% BTC & ETH (50/50) 364.59% 20.46% 14.10% 1.248 27.91%

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2017 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of Bitcoin and Ethereum. The period before 2017 is excluded as that is the first year that full-year price data is available for Ethereum.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 57
Historical Impact on a Traditional 60/40 Portfolio: Equal Weight Bitcoin and Ethereum
Contribution of a 5% BTC & ETH Equal Weight Allocation to a 60/40 Portfolio: 3-Year Rolling Cumulative Return (Rebalanced Quarterly)

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Positive BTC & ETH Contribution
Negative BTC & ETH Contribution
75%
Baseline BTC & ETH 60/40 Portfolio

Portfolio Construction
Maximum Contribution 49.28 pp
50%

Median Contribution 16.43 pp

Minimum Contribution 1.76 pp

25%
Win Rate 100%

Loss Rate 0%

0%
2020 2021 2022 2023 2024 2025

Investment End Date

Source: Bitwise Asset Management with data from Bloomberg. Data from January 1, 2017 to March 31, 2025.
Note: Traditional Portfolio consists of 60% equities (represented by the FTSE Global All Cap Index) and 40% bonds (represented by the Bloomberg US Aggregate Bond
Float Adjusted Index). For index definitions, see p.70. Not considering taxes nor transaction costs. Performance of individual crypto assets may differ significantly from
the performance of Bitcoin and Ethereum. The period before 2017 is excluded as that is the first year that full-year price data is available for Ethereum.
Past performance does not predict or guarantee future results. Nothing contained herein is intended to predict the performance of any investment. There can be no
assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Historical performance of sample portfolios has
been generated and maximized with the benefit of hindsight. The returns do not represent the returns of an actual account and do not include the fees and expenses
associated with buying, selling and holding funds or crypto assets. It is not possible to invest directly in an index. Performance information is provided for informational
purposes only. Please see important disclosure information in this document. 58
Correlations: Bitcoin vs. S&P 500
90-Day Rolling

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1.00

0.75

Portfolio Construction
0.50

0.25

(0.25)

(0.50)

(0.75)

(1.00)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from Bloomberg. Data from July 17, 2010 to March 31, 2025. S&P 500 is represented by the S&P 500 Total Return Index.
For index definitions, see p.70.
Note: The green color band indicates a range of -0.5 to 0.5, which is traditionally defined as “low” or “no” correlation. 59
Correlations: Ethereum vs. Nasdaq-100
90-Day Rolling

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1.00

0.75

Portfolio Construction
0.50

0.25

(0.25)

(0.50)

(0.75)

(1.00)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from Bloomberg. Data from March 15, 2016 to March 31, 2025. Nasdaq-100 is represented by the Nasdaq-100 Total Return
Index. For index definitions, see p.70.
Note: The green color band indicates a range of -0.5 to 0.5, which is traditionally defined as “low” or “no” correlation. 60
Bitcoin’s Historical Volatility

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30-Day Moving Average Trend Line
300%

250%

Portfolio Construction
200%

150%

100%

50%

0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from Coin Metrics. Data from January 1, 2013 to March 31, 2025. 61
Volatility: Bitcoin vs. Tesla, Nvidia, and Meta
1-Year Rolling Annualized Volatility

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Tesla (TSLA) Nvidia (NVDA) Bitcoin (BTC) Meta (META)
100%

Portfolio Construction
80%

60%

40%

20%

0%
2020 2021 2022 2023 2024 2025

Source: Bitwise Asset Management with data from Bloomberg. Data from December 31, 2018 to March 31, 2025. 62
Total U.S. Federal Debt

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$35T

$30T

Macro
$25T

$20T

$15T

$10T

$5T

$0
1942 1962 1983 2004 2025

Source: Bitwise Asset Management with data from the Federal Reserve Bank of St. Louis. Data from January 1, 1942 to March 1, 2025. 63
2025 U.S. Federal Budget

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$8T

$7T

Other: $902B

Macro
$6T Total Deficit: $1.87T
Defense: $859B

$5T Other: $259B

Net Interest: $952B
Corporate Tax: $524B

$4T
Non-defense Discretionary: $989B
Social Insurance Tax: $1,759B

$3T

Social Security: $1,572B

$2T

Income Tax: $2,621B

$1T
Medicare & Medicaid: $1,754B

$0
Planned Spending Forecasted Revenue

Source: Bitwise Asset Management with data from the Congressional Budget Office. Data as of January 2025. 64
U.S. Federal Funds Rate and FOMC Estimates

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Federal Funds Rate FOMC Estimates
7%

6%

Macro
5%

4%
3.9%

3.4%
3.1%
3%

2%

1%

0%

1997 2002 2007 2012 2017 2022 2027

Source: Bitwise Asset Management with data from the Federal Reserve Bank of St. Louis. “Federal Funds Rate” data from January 1, 1993 to March 1, 2025.
“FOMC Estimates” data for year-end 2025, 2026, and 2027. 65
Bitcoin Holdings by Country
UKRAINE BHUTAN

46,351 BTC 8,971 BTC

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$3,941M $763M
UNITED STATES

198,012 BTC FINLAND

$16,835M 90 BTC
$8M

Regulation and Adoption

NORTH KOREA

13,562 BTC
$1,153M
EL SALVADOR

6,133 BTC
$521M
GEORGIA ABU DHABI

66 BTC 4,678 BTC

$6M $437M

VENEZUELA UNITED KINGDOM CHINA

240 BTC 61,245 BTC 190,000 BTC

$20M $5,207M $16,154M

Source: Bitwise Asset Management with data from BitcoinTreasuries.net. Data as of April 1, 2025.
Note: Dollar figures represent the value of bitcoin holdings in USD. Abu Dhabi’s bitcoin holdings are valued based on 13F filings as of December 31, 2024. 66
Crypto Adoption by Institutions

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CRYPTO TRADING PRIVATE CRYPTO CRYPTO-ENABLED
AND CUSTODY1 CRYPTO FUNDS ETPS PAYMENTS TOKENIZATION

Bank of America
BlackRock
BNY Mellon

Regulation and Adoption

CBOE
Charles Schwab
Citi
CME
Deutsche Bank
Deutsche Börse
Fidelity
Franklin Templeton
Goldman Sachs
HSBC
Interactive Brokers
JPMorgan Chase
London Stock Exchange
Mastercard
Morgan Stanley
PayPal
Société Générale
UBS
Visa
Wells Fargo

Source: Bitwise Asset Management with data from company filings and presentations. Data as of March 31, 2025.
(1) “Crypto Trading and Custody” includes the trading of crypto spot, futures, and derivatives products. 67
Q1 2025 U.S. Regulatory Developments

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DEVELOPMENT DESCRIPTION

Trump signs crypto-focused President Trump issues two executive orders aimed at advancing U.S. leadership in crypto. The first, "Strengthening American
executive orders Leadership in Digital Financial Technology," establishes a Presidential Working Group for Digital Asset Markets to develop clear
regulatory guidelines and explore creating a strategic national digital asset stockpile. The second order officially establishes a
Strategic Bitcoin Reserve and a dedicated U.S. Digital Asset Stockpile.

Regulation and Adoption

SEC shifts to pro-crypto stance Gary Gensler resigns as SEC Chair, triggering a significant shift in the agency's approach to crypto regulation. The newly
established crypto task force immediately begins crafting clear and comprehensive regulatory frameworks, dropping numerous
Gensler-era enforcement actions and lawsuits against prominent crypto firms such as Coinbase, Binance, Ripple, OpenSea,
Uniswap, Gemini, Robinhood, Consensys, and Kraken.

Regulators shift priorities The CFTC appoints a new Acting Chief of Staff specifically tasked with overseeing crypto and DeFi initiatives. Simultaneously, the
SEC announces its new Cyber and Emerging Technologies Unit (CETU), replacing the controversial Crypto Assets and Cyber Unit,
and repeals SAB 121, removing hurdles for banks offering crypto custody services. Additionally, the FDIC clarifies that banks no
longer require prior approval to engage in authorized crypto activities.

FASB simplifies crypto New accounting standards from the Financial Accounting Standards Board take effect, significantly simplifying corporate reporting
accounting rules requirements for crypto holdings. Companies can now directly recognize fair value changes of crypto assets within net income,
replacing the previous restrictive cost-minus-impairment method.

House overturns IRS DeFi In a bipartisan vote, the U.S. House of Representatives overturns the IRS "DeFi broker rule,” eliminating controversial reporting
broker rule mandates that required DeFi protocols and certain crypto entities to collect detailed taxpayer and transaction information.

Treasury Department reverses The U.S. Treasury lifts sanctions on Tornado Cash, a decentralized, privacy-focused crypto protocol, following a court decision
Tornado Cash sanctions ruling that Tornado Cash's immutable smart contracts cannot legally be considered "property."

U.S. states pursue strategic State-level strategic bitcoin reserves gain momentum: Multiple states, including Arizona, Texas, and Ohio, continue introducing and
bitcoin reserves advancing legislation to establish strategic bitcoin reserves.

Source: Bitwise Asset Management. 68

Dropped and Paused SEC Lawsuits and Investigations

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COMPANY CATEGORY DATE LAWSUIT/ DATE DROPPED/PAUSED
INVESTIGATION ANNOUNCED

Uniswap DeFi April 2024 February 2025

OpenSea NFTs August 2024 February 2025

Regulation and Adoption

Gemini Crypto Financial Services January 2023 February 2025

Consensys Infrastructure July 2024 February 2025

Binance Crypto Financial Services June 2023 February 2025

Coinbase Crypto Financial Services June 2023 February 2025

Robinhood Crypto Financial Services May 2024 February 2025

Ripple Blockchain December 2020 March 2025

Kraken Crypto Financial Services November 2023 March 2025

Yuga Labs NFTs October 2022 March 2025

Cumberland DRW Crypto Financial Services October 2024 March 2025

Source: Bitwise Asset Management and Bloomberg. 69

Definitions

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1) The Bitwise 10 Large Cap Crypto Index (XBITW) captures 8) The Bloomberg US Aggregate Bond Float Adjusted Index
the 10 largest eligible crypto assets by free-float-adjusted (LBUFTRUU) is a broad-based benchmark that measures
market capitalization. the investment grade, U.S. dollar-denominated, fixed-rate
taxable bond market. The Float-Adjusted version excludes
2) The Bitwise Crypto Innovators 30 Total Return Index
U.S. agency debentures held in the Federal Reserve SOMA
(XBITQG) is an equity index that provides focused exposure
account.
to companies that are building the future of the crypto

Definitions
asset-enabled decentralized economy. 9) The MSCI EAFE Gross Total Return USD Index (M2EA)
is designed to represent the performance of large- and
3) The Bitwise Decentralized Finance Crypto Index
mid-cap securities across 21 developed markets, including
(XBITDEFI) tracks the value of crypto assets in the rapidly
countries in Europe, Australasia and the Far East, excluding
emerging Decentralized Finance space.
the U.S. and Canada.
4) The S&P 500® Total Return Index (SPXT) tracks the
10) The MSCI Emerging Markets Gross Total Return USD
performance of 500 large-cap publicly traded companies in
Index (M2EF) captures large- and mid-cap representation
the U.S.
across 24 Emerging Markets (EM) countries.
5) The MSCI U.S. REIT Gross Total Return Index (RMSG) is a
11) The Deutsche Bank DBIQ Optimum Yield Diversified
free float-adjusted market capitalization-weighted index that
Commodity Index Total Return (DBLCDBCT) is based on
is comprised of equity Real Estate Investment Trusts (REITs).
14 commodities drawn from the energy, precious metals,
6) The FTSE Global All Cap Index (TGPVA16U) is a market- industrial metals and agriculture sectors.
capitalization-weighted index representing the performance
12) The Nasdaq-100® Total Return Index (XNDX) tracks 100
of large, mid and small cap companies in Developed and
of the largest domestic and international non-financial
Emerging markets.
companies listed on the Nasdaq Stock Market.
7) The Bloomberg U.S. Aggregate Bond Index (LBUSTRUU)
13) “Gold” is represented by the spot gold price with data from
tracks U.S. dollar-denominated, investment-grade debt.
Bloomberg.
14) Bitcoin and other crypto assets are represented by the
respective spot price.

70
Risks and Important Information

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No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination
and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination
whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do
not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not

Risks & Important Information

currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand,
and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and
cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with
the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with
traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset
trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a
position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future
events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not
intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your
accounting, legal, tax or other advisors about the matters discussed herein.

71
bitwiseinvestments.com