🚀 Where is the market heading? Bitwise Chief Investment Officer reveals the 5 key narratives for the next bull market
Bitwise Chief Investment Officer Matt Hougan has clearly stated: The crypto market is essentially driven by 'narratives'. Instead of panicking during market corrections, it is better to focus on the new growth engines that are taking shape.
Here are the key drivers defining the next cycle:
💰 From 'storytelling' to 'making real money'
The future market will place more emphasis on blockchain projects with revenue-generating capabilities. Currently, the on-chain annual revenue is about $7-8 billion, but with large-scale adoption, this number is expected to exceed $100 billion. Protocols with sustainable income will stand out.
🤖 AiFi: The collision of AI and finance
Autonomous AI agents cannot open accounts at traditional banks; they will rely on cryptocurrencies, stablecoins, and DeFi for payments. The scale of AiFi will exceed everyone's imagination.
🌍 The 'big trend' of institutional entry
The influx of institutional funds is not a short-term action of one or two years, but a structural shift lasting decades. The entry of trillions of dollars in capital requires patience, and clear regulations will become the strongest catalyst.
🏦 Tokenization of real-world assets (RWA)
Currently, the proportion of tokenized global stocks, bonds, and real estate is less than 0.1%. The ceiling for RWA is very high, making it a golden track for long-termists.
💎 Ethereum's 'Jobs moment'
Hougan likened Vitalik Buterin's renewed deep involvement in ecosystem evolution to Steve Jobs' return to Apple. Ethereum may experience a comprehensive explosion of technology and ecology in the next phase, driving a second revival of DeFi.
Viewpoint: The market is shifting from pure speculation to 'hard power' competition. In this cycle, projects that can solve real problems and generate revenue will be the true winners.
📊 Which narrative do you favor the most? Feel free to leave comments for discussion!
