Bitwise | Crypto

Bitwise’s Matt Hougan expects revenue-capture mechanisms to spread across DeFi applications and layer-1 networks over the next 12 to 24 months. Crypto valuations could at least double as protocols increasingly use revenue to fund token buybacks and burns, according to Bitwise Chief Investment Officer Matt Hougan.  On Wednesday, Hougan said crypto outside of Bitcoin is becoming a revenue-driven market in which network activity feeds into native-token value. He said investors have not priced in that change, leaving some crypto assets undervalued. Hougan pointed to Hyperliquid, Uniswap, Aave, Pump.fun and Lighter, protocols that use fees to repurchase or remove tokens from circulation. He said he expects decentralized finance (DeFi) applications and layer-1 networks to adopt similar revenue-capture mechanisms over the next 12 to 24 months.  Read more

Crypto companies from including Coinbase, BitGo, Robinhood, Polygon and Pump.fun have announced workforce reductions this year, citing a variety of reasons, including shifting to AI and market forces. Digital asset manager Bitwise has cut 14% of its staff in a move that reduced workers at the San Francisco-headquartered company from about 180 to 155 people. A Bitwise spokesperson confirmed to Cointelegraph on Wednesday that it had laid off about 25 people amid a crypto market downturn. The company is the latest in the crypto industry to announce staff cuts in 2026, following similar moves by Robinhood, Polygon, Pump.fun and others. Bloomberg earlier reported that Bitwise chief executive Hunter Horsley said that the company still expects growth as crypto “further integrates into the global economy.” The company acquired Chorus One in February in a move expected to expand its staking services. Read more

Market losses and net redemptions cut the fund to $532.8 million while Bitcoin’s portfolio share rose to 77.81%. The post Bitwise pitched a diversified 10-crypto fund, then lost $500 million as Bitcoin swallowed 78% of the portfolio appeared first on CryptoSlate.

$262.9 million of unrealized SOL depreciation drove most of a $316 million operational loss. The post Investors poured $267 million into Bitwise’s Solana ETF, but market losses erased every cent appeared first on CryptoSlate.

The US Senate is running out of time to advance the CLARITY Act, but Bitwise says a decisive failure could eventually remove an obstacle weighing on crypto markets. Senate leaders face a narrowing window on Wednesday to file for cloture if they want to preserve a chance of voting on the digital asset market structure […] The post Senate has hours to advance CLARITY, but Bitwise says missing deadline sets up a crypto rally appeared first on CryptoSlate.

Matt Hougan argues that regulatory guidance from the SEC and CFTC would keep the industry moving even if Congress fails to pass landmark market structure legislation this year. A failure to pass the CLARITY Act this week will put the bill in a “walking dead” state, but won’t stop the crypto industry’s march forward, according to Bitwise chief investment officer Matt Hougan.  In a blog post on Wednesday, Hougan said while many, including himself, have called it the “make or break” week for the CLARITY Act, the reality is that the crypto industry has made too much progress to “go back in the bottle.”  “The reality is that Washington is always late to major technology shifts, and it has rarely mattered as much as people feared,” said Hougan.  Read more

All six reported a 0% 30-day SEC yield, while remaining holders face an automatic August cash redemption. The post Bitwise is liquidating six crypto option ETFs that offered 25% payouts while returning investors’ own capital appeared first on CryptoSlate.

Bitwise predicted that Hyperliquid and Robinhood TradFi ventures should form the basis for a crypto bull-market comeback that would lift Bitcoin and Ether. Bitcoin (BTC) is “finally showing signs of a bottom,” but the next bull market will have a different source. Key points: In a blog post on Wednesday, Matt Hougan, chief investment officer at crypto asset manager Bitwise, revealed his picks for what will “lift” BTC price action going forward. Read more

“DeFi usually swings much harder than Bitcoin, so holding up this well is unusual,” says Bitwise, as DeFi tokens have outperformed Bitcoin. Decentralized finance (DeFi) tokens have held up unusually well against Bitcoin over the past month, suggesting the market may be “quietly re-rating” the sector, says crypto index fund maker Bitwise. Bitcoin (BTC) fell about 22% in June, while Bitwise’s index tracking tokens from major DeFi protocols fell only 4% over the same period, Bitwise said in a report Thursday. “DeFi usually swings much harder than Bitcoin, so holding up this well is unusual, and almost no one is talking about it,” it said.  Read more

Bitwise’s Matt Hougan said Strategy's STRC offer of high yields and low volatility was always a questionable fit for buying Bitcoin, as the cryptocurrency offers neither. Strategy’s era as the dominant Bitcoin buyer may have come to an end following last week’s STRC turmoil, which cast doubt on the company’s Bitcoin-buying strategy and sent the cryptocurrency to a nearly two-year low, according to Bitwise chief investment officer Matt Hougan. “For years, Strategy has been the most dominant Bitcoin buyer in the world and a one-way source of Bitcoin demand. Those days are likely over,” Hougan said Thursday.  “I just expect it to be a less important figure in Bitcoin in the next cycle than it was in the last,” Hougan said, adding that investment banks, asset managers, pensions, endowments and sovereign wealth funds will likely replace Strategy as Bitcoin’s primary demand driver. Read more

Bitwise said STRC's volatility reflects a late-cycle leverage unwind, with institutions poised to replace Strategy as bitcoin's biggest buyer.

The Parrot rollout puts model-based crypto exposure inside a retail investing app with more than $200 million on platform. The post Bitwise gives managed crypto portfolios to retail traders – but are they for you? appeared first on CryptoSlate.

Bitwise analysts say Bitcoin trades in a historical value zone, but hawkish Federal Reserve signals and a competition for liquidity could sideline buyers. Bitcoin's (BTC) valuation metrics continue to highlight a deep discount even as markets brace for a potentially hawkish Federal Reserve under new chair Kevin Warsh. Analysis from Bitwise Investments said BTC remains in a "deep value" zone after a valuation metric fell below 1.0, a level associated with long-term accumulation periods. However, investor participation remains subdued, with CryptoQuant's realized cap growth metric remaining in a bear phase since late October 2025. This points to a steady slowdown in fresh capital entering the BTC network. At the same time, a growing list of key companies going public raises increased competition for liquidity across the investment market, so the focus shifts to whether BTC attracts new capital amid tighter liquidity conditions. Read more

Bitwise’s Matt Hougan says it was “pretty hard to engage with advisers on Bitcoin” during recent discussions, who are more interested in stablecoins and tokenization. Advisers to some of the largest financial institutions are taking more of an interest in stablecoins and tokenization than in Bitcoin, which could help pull crypto out of its current slump, said Bitwise investment chief Matt Hougan. Hougan said in a note on Wednesday that he recently spoke with more than 40 advisers who were “still interested in crypto” but are “more interested today in stablecoins and tokenization than they are in Bitcoin.” “It was pretty hard to engage with advisors on Bitcoin this week,” he said. “In call after call, they expressed much more curiosity over the real-world applications of crypto that are quickly reshaping everything from capital markets to global payments.” Read more

Bitwise research suggests that Bitcoin is leading a broader risk-off move across markets as global liquidity and stablecoin reserves remain elevated. Bitcoin’s (BTC) recent performance may be less about crypto market weakness and more about its position at the front of the risk curve. Asset management firm Bitwise said that BTC often acts as a “canary in the macro coal mine,” responding to shifts in liquidity and financial conditions before traditional markets. With equities now showing similar signs of strain, the firm sees Bitcoin's move as part of a wider risk-off adjustment.  Bitwise said that Bitcoin and Ether reached cycle lows of $58,000 and $1,507, respectively, as other global risk assets faced mounting pressure. The Nasdaq recorded its sharpest daily decline of 5% in months, and South Korea’s KOSPI (Korea Composite Stock Price Index), its benchmark stock index, triggered a temporary trading halt after a steep sell-off led by semiconductor stocks. The shift followed stronger-than-expected US labor ma...

“Investors still believe in crypto, but now that it’s a contrarian bet, they favor fundamentals over vibes,” says Bitwise investment chief Matt Hougan. Crypto is turning into a “contrarian bet” as institutional investors are being drawn to artificial intelligence stocks, says Bitwise chief investment officer Matt Hougan. “The crypto market is brutal right now,” Hougan wrote in a market note on Tuesday. “One major reason is that crypto is no longer the belle of the ball. AI stocks, robotics companies, SpaceX … who needs crypto when the Nasdaq-100 is up 43% year-over-year?” Stocks linked to companies involved in AI have skyrocketed as the technology has captured investor attention after OpenAI launched ChatGPT to the public in late 2022. Shares in Nvidia, which makes computing components key to AI, have gained nearly 1,500% since ChatGPT’s launch. Read more

A sovereign default-risk model estimates Bitcoin’s fair value at $224,000, as rising debt risks and bond-market stress could strengthen the asset’s long-term investment case. New reporting from Bitwise suggests that Bitcoin's (BTC) undervaluation could expand if investors' concerns over sovereign debt deepen. The asset management firm said that mounting pressure in global bond markets and rising government debt levels could strengthen Bitcoin's role as a hedge against macroeconomic risks, with one valuation model suggesting a theoretical fair value of $224,000.  Bitwise pointed to mounting pressure across the global bond markets. The Organization for Economic Co-operation and Development (OECD) estimates governments and companies will need to borrow roughly $29 trillion in 2026, up 17% from 2024 and nearly double the amount raised a decade ago. Around 78% of OECD government borrowing is expected to be used solely to refinance existing debt. Read more

The transition gives the asset manager control of a tokenized fund that combines crypto carry trades with Treasury and digital asset exposure. Bitwise completed its takeover of Superstate's Crypto Carry Fund (USCC), giving the asset manager control of a tokenized investment vehicle that uses market-neutral crypto trading strategies to generate yield. Bitwise said on May 7 it would assume management of the fund from Superstate as the infrastructure company shifted its focus toward FundOS, its tokenized fund platform.  The fund is available to qualified purchasers and seeks to generate yield through crypto cash-and-carry trades, a strategy that captures the premium between cryptocurrency futures and spot prices. It retains the USCC token ticker and existing smart contracts following the transition. Read more

Bitwise says investor demand for Hyperliquid exposure is surging as new HYPE ETFs launch.

Bitwise’s Matt Hougan says Hyperliquid’s token is not priced as if it is tied to a “global super-app,” arguing the platform is more than just a crypto platform. Crypto asset manager Bitwise has called Hyperliquid “one of the most mispriced assets in crypto today,” despite its outperformance so far this year. “Hyperliquid is one of the most important crypto projects to emerge in years,” Bitwise investment chief Matt Hougan said in a note on Tuesday.  “Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And yet I still think investors are underestimating its impact and its value.” Read more