Bitwise

In 2004, when gold ETFs launched, the entire gold market was ~$2.5 trillion.

In 2024, when bitcoin ETFs launched, the entire bitcoin market was roughly ~$2 trillion.

Have you been leverage trading SpaceX at 3AM again?

Three of the world's largest institutions, each managing trillions — Morgan Stanley, Fidelity, BlackRock

All on a panel at Token2049, moderated by ICE.

Institutions are on team crypto now. Continues to make me bullish for the future.

Thank you @token2049 for having @HHorsley on stage yesterday alongside leaders from some of the largest financial institutions.

Incredible to see the industry’s bullishness on tokenization.

"How do you know that the GPU is functioning and plugged in? That's an underwriting question that somebody should ask, but my uncle's not going to ask that question."

@HHorsley @Bitwise

Matt Hougan says Bitcoin has become so mainstream that BlackRock discussing AI agents saving in $BTC no longer surprises anyone

"I spent much of the last month going to conferences, large wealth conferences, wirehouse conferences. And I will say the attitude has really shifted. Bitcoin has become really mainstream, right? You're no longer looked at in any way like the guy with horns on your head."

"You have Morgan Stanley launching ETFs, you have Wells Fargo putting Bitcoin into models. I suspect that that 2024 number will be eclipsed during this cycle pretty significantly in terms of inflows. I've never felt sort of the normalized feeling of Bitcoin as I have over the last month at these wealth platforms."

"It's really remarkable. BlackRock put out a note about AI agents using Bitcoin as a store of value, and no one blinked, right? I mean, that would have been like a fantasy dream. Think of that in 2022. Think of that in 2018. Completely absurd."

"You'd get excited if they muttered the word Bitcoin, even if it was followed by something like, is it worthless? Technological experiment? You'd be like, at least they said it. Now they're talking about AI agents saving in Bitcoin. It's really crazy."

JUST IN: Bitwise CIO Matt Hougan says, "I think Bitcoin could easily do what gold did, which is run up to 30 trillion." 🚀

"The biggest risk in Bitcoin is nothing to do with the protocol or quantum or anything. It's everything to do with the investors and whether they stick it out through those bull and bear markets."

"I think there's still significant upside in this asset, like really material life changing upside... And I think it'll play out over a decade."

⚡️ LONGITUDE: Tokenizing RWA doesn’t eliminate the need for traditional credit checks.

“These are ultimately traditional credit instruments that need traditional underwriting,” @Bitwise’s Yannick Socolov (@Yannimoto) said, highlighting the challenge of combining credit and smart contract risk assessments.

Three months ago, prices, onchain activity, and ETF flows were all falling.

Then crypto had one of the best quarters in its history.

The Bitwise Crypto Market Review (Q4 2026) tells the story in 67 charts and tables.

bitwiseinvestments.com/crypto-market-…

🇸🇬 LONGITUDE: Where is the smart money going? ETFs, onchain asset management and the next cycle take the spotlight.

• @Duncanmoir, @21Shares
• @Yannimoto, @BitwiseInvest
• @evgeny_re7, @Re7Capital
• @kain Warwick, @infinex & @synthetix
• Laurie Katz, @Grayscale

With Bibhu Pattnaik, The Street.

"With NEAR, the business is already here, and the dream is big and bold."

Bitwise CIO @Matt_Hougan

🇸🇬 TOKEN2049: Bitwise CEO Hunter Horsley on crypto vaults: “I think vaults are awesome, and it’s going to be transformative.”

The market is growing. Asset managers are ready to tokenize, and the $300B of stablecoins sitting with depositors will unlock the next phase of onchain yield.

@HHorsley on stage at @blockworksDAS discussing RWAs, vaults, and the pursuit of onchain yield.

In our launch conversation with $NEAR founder @ilblackdragon, Bitwise CIO @Matt_Hougan explains what the Bitwise NEAR ETF ($NRR) is designed to do:

- Hold the NEAR token directly
- Stake NEAR to participate in the network
- Keep it secure in institutional cold storage with qualified custodians

"Watching @ilblackdragon build @NEARProtocol is a little like watching Elon Musk build SpaceX."

@Matt_Hougan on why NEAR is one of the most ambitious projects in crypto:

👀

Bitwise's new report lays out how NEAR has built a "settlement engine fast and cheap enough for AI-scale commerce."

Bitwise on NEAR's flywheel: "Each layer is built to feed the one beneath it. More AI agents mean more Intents transactions, and more Intents transactions mean more settlement on NEAR Protocol."

Key growth metrics:

✦ $30B+ cumulative NEAR Intents volume
✦ $4B+ 30-day volume, up 896% year over year
✦ $2M+ 30-day revenue, up 512% year over year

Bitwise also highlighted how NEAR Intents demonstrated significant growth through the late stages of the recent crypto winter, and demand surged when the market rebounded.

Bitwise on what comes next: "If AI agents become the dominant users of digital infrastructure—as many technologists expect—and NEAR becomes the settlement layer where they transact, the value unlock would be enormous."

near:native is a special project run by a team of exceptional people.

@Matt_Hougan, @RasterlyRock, and myself break it down in our latest paper.

Where is the smart money positioning for crypto’s next cycle?

ETFs, onchain asset management and shifting capital flows take the spotlight at LONGITUDE Singapore.

• @Duncanmoir, President & CIO, @21shares
• @Yannimoto, Head of Onchain Special Projects, @Bitwise
• Laurie Katz, Global Head of Distribution, @Grayscale
• @evgeny_re7, Founder & CIO, @Re7Capital
• @kain Warwick, Founder, @infinex & @synthetix

Oct. 8 | Amara Singapore

Request to join:

luma.com/2g8kwtyd