Bitwise Chief Information Officer Matt Hougan stated that there is a perception gap between investors and institutional investors regarding cryptocurrency activities, with many still holding outdated views such as the Silk Road and Mt. Gox. He cited BlackRock's tokenized fund, Apollo's credit fund tokenization, and JPMorgan's deposit tokens on the Base platform as evidence that Wall Street is transitioning to on-chain activities. Although the market size of tokenized assets is only about $20 billion, far below the trillions of dollars in traditional assets, Hougan believes that as infrastructure improves, this disconnect in perception could present opportunities for excess returns.