[Bitwise CIO: Structural Pricing Errors May Exist in the Crypto Market as Wall Street Accelerates On-Chain Infrastructure Deployment] According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that there may currently be structural valuation errors in crypto assets. The primary reason lies in investors' 'anchoring bias,' which causes them to focus on outdated narratives while ignoring the reality that Wall Street is rapidly shifting toward on-chain infrastructure. Hougan emphasized that although the market size of tokenized assets is currently only around $20 billion, the massive scale of traditional financial markets indicates significant growth potential. He cited examples such as BlackRock launching a tokenized treasury fund, JPMorgan issuing deposit tokens on the Base network, and Apollo's tokenized credit fund. Hougan believes that the lag in consensus narratives compared to actual developments provides investors with opportunities to achieve excess returns (Alpha). He advised investors to establish broad market exposure to adapt to the ongoing structural transformation in finance.