Bitwise CIO claims there are structural valuation errors in the cryptocurrency market

Bitwise Chief Investment Officer Matt Hougan stated that there may be structural valuation errors in the cryptocurrency market due to investors' "anchoring bias" that keeps them focused on old narratives and ignores the trend of Wall Street accelerating the layout of on chain infrastructure. He mentioned that although the size of the tokenized asset market is currently only about $20 billion, the size of traditional financial markets indicates growth potential. He cited such cases as BlackRock's launch of the token based treasury bond bond fund, JPMorgan's release of deposit tokens on the Base network, and Apollo's launch of the token based credit fund. He believed that the current consensus narrative lagged behind the actual development, providing investors with the opportunity to obtain excess returns, and suggested investors to establish a wide range of market exposure to deal with financial structural changes.