Bitwise CIO says crypto may be structurally mispriced as Wall Street accelerates onchain push

Bitwise Chief Investment Officer Matt Hougan argues there is a significant disconnect between investor perception and the reality of Wall Street's rapid shift toward onchain financial infrastructure, suggesting crypto may be structurally mispriced. He attributes this gap to anchoring bias, where investors remain fixed on outdated narratives from events like the Silk Road scandal. Hougan cites evidence of institutional momentum, including BlackRock CEO Larry Fink's comments on asset tokenization, BlackRock's tokenized fund and Uniswap investment, JPMorgan's deposit token on Coinbase's Base, and stablecoin discussions among major banks. While the tokenized asset market is small ($20 billion) compared to traditional markets ($110 trillion in stocks, $145 trillion in bonds), this signals massive potential for growth. Hougan concludes that this gap between stale consensus and underlying structural change presents alpha opportunities for investors who build broad exposure.

(Source：The Block)