Bitwise CIO: Crypto Investing Shifting from Momentum Trading to "Contrarian Bet"

Odaily Odaily reports that Bitwise Chief Investment Officer Matt Hougan stated that as U.S. stocks continue to rise, AI stocks attract significant capital, and the regulatory outlook for the U.S. Clarity Act remains uncertain, crypto assets are shifting from past momentum trading to a "contrarian bet" more focused on long-term fundamentals.

Hougan pointed out that against the backdrop of the Nasdaq 100 Index rising 43% year-over-year and AI concepts dominating market attention, the appeal for institutional investors to allocate to crypto assets has diminished. However, this does not mean the crypto industry is disappearing; rather, the investment logic is changing, requiring a longer-term perspective and stronger fundamental judgment.

He also noted that the current "crypto winter" differs from the past, as capital is not simply flowing into large-cap assets like Bitcoin. Instead, it is beginning to reward projects with independent fundamental narratives. For example, Hyperliquid, BNB, Zcash, and Stellar have all seen significant gains recently, indicating that the market is placing greater emphasis on the actual progress and differentiation logic of specific projects.