Matt Hougan: Crypto investing shifts toward long-term fundamental “contrarian bets”

Bitwise Chief Investment Officer Matt Hougan stated that the rise in US stocks and the capital attracted by AI stocks are shifting crypto asset investment from momentum trading to long-term fundamental “contrarian bets.” He noted that the appeal of allocating to crypto assets for institutions is decreasing, but the industry has not disappeared; instead, the investment logic is changing and now requires a longer-term perspective and fundamental analysis. He mentioned that during the current “crypto winter,” funds are focusing more on projects with independent fundamental narratives, such as Hyperliquid, BNB, Zcash, and Stellar, all of which have seen notable increases recently.