Bitwise CIO claims that DeFi has the potential to lead the cryptocurrency market out of a bear market; Saylor predicts Bitcoin will recover According to The Block, Bitwise Chief Investment Officer Matt Hougan stated that decentralized finance is expected to lead the cryptocurrency market out of the current bear market. He pointed out that major DeFi protocols have shown substantial progress: Uniswap DEX trading volume often exceeds centralized exchange Coinbase, and DeFi lending platform Aave's annual revenue exceeds $100 million. Hougan believes that the next bull market will focus on fundamentals, and DeFi aligns with this trend. Hougan specifically mentioned Aave Labs' recent governance proposal, which proposes to transfer all Aave brand product revenue to the DAO treasury and adjust the incentive mechanism between developers and the community. He believes that this transformation will help solve the problem of long-term mismatch between protocol success and token value. If Aave can achieve this, other DeFi assets can also follow suit. He also pointed out signs of involvement from institutions such as BlackRock's investment in Uniswap and Apollo's investment in Aave's competitor, Morpho. In addition, Michael Saylor, co-founder and executive chairman of Strategy, stated in an interview with Fox Business that the current cryptocurrency market is indeed in a bear market, but "much milder than previous cycles" and "will continue for a shorter period of time. He stated that the support for Bitcoin in the banking industry is stronger than four years ago, with continuous capital inflows and technological advancements. He also posted on the X platform that "spring is coming and Bitcoin is winning".