Bitwise’s Matt Hougan says median top-20 crypto asset is down 15% this year

A positive 14% average return hides a market where most large-cap tokens are losing money, with Hyperliquid and Zcash doing the heavy lifting The typical large-cap crypto asset is having a rough year. According to Bitwise Chief Investment Officer Matt Hougan, the median return among the top 20 crypto assets sits at a 15% loss year-to-date. The average return across that same group, meanwhile, is up 14%. Same assets, same year, two very different stories. Hougan shared the figures on X on November 2, 2026.