Bitwise Chief Investment Officer Matt Hougan shared on social media platform X on Feb. 6 a bullish assessment of crypto’s outlook, arguing that a convergence of powerful forces is lining up to drive the next sustained bull market even as short-term sentiment remains cautious.

“ Crypto is narrative-driven,” he began, adding:

“Right now, people are wondering what new narratives will lead us into the next bull market. Some are even wondering if there are any new narratives. From where I sit, there are quite a few. Here are nine major narratives I’m tracking as we start to look toward the next cycle.”

Hougan framed his view as a direct response to growing skepticism, emphasizing that major market advances historically emerge when multiple themes gain traction at once.

He outlined the first narrative as blockchain revenue, noting that networks already generate billions annually with the potential to scale dramatically as adoption broadens. The second is AiFi, where artificial intelligence agents are expected to transact natively using crypto, stablecoins, and defi rather than traditional banking rails. The third narrative centers on fading fiat confidence, which Hougan linked to rising demand for hard assets such as bitcoin as trust in government-issued currencies erodes over time.

The remaining six narratives further reinforced his bull run thesis through scale, regulation, and infrastructure. Hougan described institutional adoption as the fourth pillar, portraying it as a decade-long trend measured in trillions rather than a brief cycle. Fifth, he pointed to regulatory progress, arguing that clearer rules have yet to be fully reflected in capital flows or market behavior. The sixth narrative is a stablecoin supercycle, with global payment rails still in an early phase despite significant growth.

Read more: Bitwise Anticipates Strong Crypto Rebound Following Prolonged Winter Capitulation

Seventh, Hougan highlighted tokenization, stressing that only a fraction of global equities, bonds, and real estate have moved onchain. The eighth narrative focuses on a potential defi resurgence as protocols refine tokenomics under clearer regulatory frameworks. The ninth centers on renewed leadership momentum at Ethereum, which he likened to a pivotal inflection point. Hougan acknowledged that volatility and failure remain possible, writing:

“Not all of these will work out, and there will be lots of volatility and risk along the way. But if you zoom out beyond the current market correction, imo it looks like an exciting few years.”

Together, the nine narratives outline a bullish roadmap built on revenue growth, macro shifts, institutional capital, and expanding real-world utility, positioning bitcoin, ethereum, stablecoins, and defi protocols to benefit as users, liquidity, and infrastructure continue to scale.

• What crypto narratives is Bitwise CIO Matt Hougan watching?
  He is tracking nine themes, including institutional adoption, blockchain revenue, stablecoins, defi, and tokenized real-world assets.
• Why does Hougan believe a new crypto bull run is possible?
  He argues long-term structural trends remain intact despite short-term market uncertainty.
• How do institutions factor into the next bull market?
  Hougan points to trillions in potential institutional capital gradually entering crypto markets.
• Which assets could benefit most from overlapping narratives?
  Bitcoin, ethereum, stablecoins, and DeFi protocols are positioned to gain as adoption and infrastructure mature.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。