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NEAR Bitwise Chief Investment Officer: The crypto market has entered a "differentiated bull market" and fundamentals have become the decisive factor.
Bitwise Chief Investment Officer (CIO) Matt Hougan pointed out that the recent rising structure of the cryptocurrency market is completely different from previous bull cycles. He said the sector has entered a "differentiated bull market" stage, in which fundamental indicators have become a key factor in determining asset performance, rather than the previous market pattern in which all assets are rising together.
Regulatory improvements and institutional entry promote new cycle
In an interview with The Rollup, Hougan believed that the cryptocurrency market reached bottom in June and a new long-term bull market cycle has begun. He pointed out that significant improvements in the regulatory environment, support for institutional investors to enter the field, encryption projects begin to generate real income, tokenization of real-world assets, and advances in artificial intelligence technology are key common factors driving the industry forward.
Hougan also mentioned that traditional financial investors are still in the early stages of entering the crypto market. He expects large amounts of money to flow into crypto ETFs in the fourth quarter of this year, and hinted that wealth advisers, especially those from large financial institutions, will play an important role in this new capital influx.
The divergence in head asset performance intensifies
Bitwise高管强调的另一重点在于加密市场内资产表现差距的显著扩大。Hougan表示，在过去30天里，市值排名前20的加密货币中，表现最佳与最差的项目之间相差约130%。他认为，这表明市场定价不再仅仅基于整体市场动能，而是更加重视项目的具体发展和基本面指标。
Hougan因此相信，当前的牛市将不同于以往“水涨船高”的心态。他指出，一些凭借强劲基本面指标的项目将脱颖而出，而其他项目则可能落后，那些长期无法产生有意义用途或经济活动的“僵尸链”可能会被市场彻底淘汰。
理性回归与价值创造
Sovereign的Sal Ternullo也持类似观点，他认为加密市场中备受期待的基本面驱动定价机制终于开始显现。Ternullo表示，虽然以往的周期优先考虑技术基础设施、用户采用率和收入生成等指标，但市场往往未能充分区分不同项目。他指出，当前观察到的巨大表现差距指向了一个更加理性的市场结构。
根据Hougan的说法，通过项目为代币持有者创造价值将是未来一段时间的关键要素。他注意到，其他项目看到成功项目通过回购、收入分成或不同的代币经济模型向投资者提供价值后，也开始采取类似措施，这可能在行业内形成积极的竞争循环。
NEAR协议作为转型典范
In interviews, NEAR Protocol was mentioned as one example of this transformation. Hougan and Ternullo believe NEAR is being re-priced because of its intentions infrastructure, which promotes cross-chain transactions, revenue growth, and AI-focused product development. Hougan said that current product-market fit supports his investment argument, while the long-term potential of the AI space provides investors with additional growth options.
Bitwise recently launched an exchange-traded product in the United States that directly provides investment channels in NEAR. Hougan said the company only develops such products for crypto assets that it believes have long-term potential and strong communities, adding that they believe NEAR should be included in the crypto portfolios of traditional investors.
