Bitwise CIO: The capital markets have entered the on-chain restructuring era, and cryptocurrencies may be misjudged structurally

Odaily Planet Daily reports that Bitwise Chief Investment Officer Matt Hougan pointed out in a recent client memo that there is a significant gap between investors’ understanding of cryptocurrencies and the actual activities of financial institutions. He believes that due to anchoring bias, many investors remain stuck in outdated perceptions and fail to recognize that the financial markets are accelerating their shift toward on-chain infrastructure. Hougan cited tokenization projects by institutions such as BlackRock, Apollo, and JPMorgan, emphasizing that traditional financial markets are enormous—ETFs around $30 trillion, stocks about $110 trillion—while tokenized assets currently total only about $20 billion, indicating huge growth potential. He stated that this disconnect between perception and actual development could create opportunities for forward-looking investors. (The Block)