Bitwise's Q4 2025 market report highlights several indicators typical of bear market bottoms. During this period, Ethereum's price fell by 29%, yet on-chain transaction volume reached an all-time high. Crypto-related stocks declined by approximately 20%, but the revenue growth of crypto companies is expected to be three times that of other industries. Despite a shift towards pessimism in market sentiment, stablecoin assets under management and trading volumes both hit record highs. Bitwise notes that a similar divergence occurred in Q1 2023, which was followed by significant price increases in crypto assets over the next two years.