Key Takeaways
- Ethereum was the worst major performer over the past three months, down 23%.
- Bitcoin held up better than most altcoins, down 10%.
- BNB and TRON were the most resilient; TRON actually finished higher.
- Hyperliquid was the standout, up 77% over the period.
Market Context: A Quarter of Financial Gravity
If it has felt like the market has been stuck in a loop of hope and retreat since April, that’s not imagination. The quarter was shaped by a higher-for-longer interest-rate backdrop, which matters because crypto, as a risk asset with no yield of its own, tends to suffer most when cash and bonds are paying more and money gets more expensive to borrow. That tighter backdrop fed a real competition for liquidity, and crypto lost much of it: a large share of the speculative capital that once chased tokens rotated into AI infrastructure instead, where investors saw clearer near-term growth.


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