Bitwise CIO: Crypto Investing Shifts from Momentum Trading to "Contrarian Betting"

Odaily Odaily news, Bitwise Chief Investment Officer Matt Hougan stated that as the U.S. stock market continues 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 more fundamentally-driven "contrarian bet" oriented towards the long term.

Hougan pointed out that against the backdrop of the Nasdaq 100 index rising 43% year-over-year and AI concepts capturing market attention, the appeal for institutional investors to allocate crypto assets has somewhat 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 previous ones, as capital is not simply flowing into large-cap assets like Bitcoin, but is beginning to reward projects with independent fundamental narratives. For instance, Hyperliquid, BNB, Zcash, and Stellar have all shown significant gains recently, indicating that the market is placing greater emphasis on the actual progress and differentiated logic of specific projects.