Bitwise | Crypto

Bitcoin’s underperformance versus gold and the rapid expansion of global liquidity suggest that BTC’s current pricing is deeply discounted. Will BTC be the star performer of 2026? Bitcoin’s (BTC) current trading behavior reflects one of its deepest macroeconomic disconnects in years, with global liquidity surging while BTC continues to lag behind money supply growth and gold’s record performance. A recent report from Bitwise suggested this gap may be setting up a significant asymmetric opportunity in Bitcoin heading into 2026. Key takeaways: Bitcoin is currently undershooting the global money supply by 66%, implying a model-based fair value near $270,000. Read more

Bitwise’s Matt Hougan says tokens are getting better at returning value to holders, and Ethereum's Fusako upgrade could “increase token value capture.” Crypto tokens are becoming increasingly efficient at capturing value, thanks in part to new regulations and upgrades, which could send prices surging in 2026, according to Bitwise chief investment officer Matt Hougan.  Hougan said in an X post on Saturday that in the chaos of the current market pullback, big news is getting lost, such as the level of value capture in digital assets trending upward.  “Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices,” he said.  Read more

Bitwise CEO Hunter Horsley took a contrarian view to the prevailing crypto investor sentiment, which dropped to a six-month low on Saturday. The crypto market’s long-term fundamentals look promising, despite the shakeup in October and November that has left asset prices down and investor sentiment to crater, according to Hunter Horsley, CEO of investment firm Bitwise. Horsley said the four-year market cycle is dead, replaced by a more mature market structure and changed dynamics due to the pro-crypto regulatory pivot in the US. He said in a Friday X post: I think there's a pretty good chance that we've been in a bear market for almost 6 months now and are almost through it. The setup for crypto right now has never been stronger,” Horsely added. Read more

With crypto markets failing to meaningfully rally toward the end of 2025, this only sets up 2026 for more upside, according to Bitwise’s Matt Hougan. Bitwise chief investment officer Matt Hougan is more confident that crypto markets will boom in 2026, particularly as there hasn’t been a late-2025 rally yet. Speaking to Cointelegraph at The Bridge conference in New York City on Wednesday, Hougan said a crypto market rally at the end of 2025 would have fit the four-year cycle thesis, meaning 2026 would mark the start of a bear market, similar to 2022 and 2018. When asked to revise his prediction about whether the crypto market will boom in 2026, Hougan said: “I’m actually more confident in that quote. The biggest risk was [if] we ripped into the end of 2025 and then we got a pullback.” Read more

Investors are better off buying ETFs than buying shares in a firm that’s simply putting a crypto asset on its balance sheet, argues Bitwise’s Matt Hougan. Bitwise chief investment officer Matt Hougan says digital asset treasuries need to start taking the hard path if they want to stand out from the crowd; otherwise, investors are better off investing in crypto exchange-traded funds instead. One of the best ways to discern whether a digital asset treasury (DAT) is worth looking at is to ask the question, “Are they doing something hard?” Hougan argued in an X post on Wednesday. “Buying a crypto asset and putting it on a balance sheet today isn’t hard. It was hard at one point, but it’s not hard now. If that’s all a DAT is doing, you are better off owning an ETF. This is true even if the DAT is staking, as ETFs now stake,” he said. Read more

Former BitMEX CEO Arthur Hayes said increasing US debt will force the Federal Reserve into “stealth QE,” injecting liquidity that could reignite Bitcoin’s next rally. Bitcoin’s recent dip below $100,000, its lowest level since June, has sparked concerns among crypto investors. Still, two well-known market figures offer an optimistic view of where Bitcoin may be headed. Bitwise chief investment officer Matt Hougan said the latest downturn reflects peak retail capitulation rather than the start of a deeper collapse. “Crypto retail is in max desperation,” he told CNBC’s Crypto World on Tuesday. “We’ve seen leverage blowouts... the market for sort of crypto native retail is just more depressed than I’ve ever seen it.” Hougan said there are more and more signs that the sell-off is nearing exhaustion. “When I go out and speak to institutions or financial advisers, they’re still excited to allocate to an asset class that if you pan back and look over the course of a year, is still delivering very strong returns,” he...

Bitwise’s Matt Hougan said Solana has good odds of winning a larger share of the stablecoin and tokenization market. Bitwise chief investment officer Matt Hougan says his bullish outlook on layer-1 blockchain Solana stems from two main factors that set it apart from competitors like Ethereum. “I love investments that give me two ways to win,” Hougan said in an X post on Thursday, explaining that Solana (SOL) is making a “bet” the stablecoin and tokenization infrastructure market will grow, and that it will “win an increasing share of that market,” which “seem like good bets to me.” “I think people dramatically underestimate how much and how quickly these technologies will remake markets. It’s easy for me to imagine this market growing by 10x or more,” Hougan added.   Read more

Bitwise’s Chief Investment Officer Matt Hougan says Solana’s staking ETFs yield generation is a significant drawcard for institutional investors. Solana staking exchange-traded funds have a promising future on traditional stock exchanges after Bitwise’s fund debut on the New York Stock Exchange surpassed $56 million in first-day trading volume. Matt Hougan, Bitwise chief investment officer, described the Bitwise Solana Staking ETF (BSOL) as “the missing part of the puzzle” in conversation with Cointelegraph’s Chain Reaction daily show, as the product attracted millions of dollars in investment on the NYSE. Hougan said the product also helps decentralize and secure the Solana network. The $BSOL ETF launched $222 million in assets, amounting to over 1.1 million SOL tokens.  Read more

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...

Bitwise’s Hunter Horsley was stung by criticism from Ethereum Maxis about the firm’s support of Solana, as ETH helped inspire Bitwise in 2016 In the lead-up to this weeks surprise listing of its Solana Staking ETF on the New York Stock Exchange, Bitwise CEO Hunter Horsley caused a stir by telling Cointelegraph that Solanas shorter validator exit queue gave it the edge over Ethereum in the staking ETF race. Bitwise chief investment officer Matt Houghan went much further on a podcast, praising Solanas speed, throughput and finality as extraordinarily attractive. He labelled it the new Wall Street. The glowing endorsements were controversial among Ethereum fans, some of who seemed to believe Bitwise was betraying ETHs cypherpunk values by championing other projects. Horsley was stung by the criticisms, not least because Ethereum was part of the inspiration for creating Bitwise in the first place. He replied he felt terrible to see these posts. We care a lot about Ethereum. Feedback received re recent commentary ...