Bitwise CIO: Capital Markets Have Entered the Era of On-Chain Restructuring, Cryptocurrencies May Be Structurally Misjudged

Odaily News Bitwise CIO Matt Hougan pointed out in his latest client memo that there is a significant gap between investors' perception of cryptocurrencies and the actual activities of financial institutions. He believes that due to anchoring bias, many investors remain stuck in outdated notions and fail to notice the accelerating shift of financial markets towards on-chain infrastructure. Hougan cited tokenization projects by institutions such as BlackRock, Apollo, and JPMorgan, emphasizing the vast scale of traditional financial markets (ETFs around $30 trillion, stocks around $110 trillion), while currently tokenized assets are only about $20 billion, indicating immense growth potential. He stated that this disconnect between perception and actual development could create opportunities for forward-looking investors. (The Block)