Bitwise Chief Investment Officer Matt Hougan stated that the rise in the US stock market and the attraction of AI stocks have caused cryptocurrency investment to shift from momentum trading to long-term fundamental "reverse bets". He pointed out that the attractiveness of institutional allocation of encrypted assets has declined, but the industry has not disappeared, and the investment logic is changing, requiring a longer-term perspective and fundamental judgment. He mentioned that in the current 'crypto winter', funds are more focused on projects with independent fundamental narratives, such as Hyperliquid, BNB, Zcash, and Stellar, which have all seen significant increases recently.
