Why Bitwise Is Thinking Bigger About Crypto, and Why the Timing Matters

The crypto industry is moving into a new phase, and Bitwise Chief Investment Officer Matt Hougan believes the shift is much larger than the market realizes. His view is that the combination of regulatory changes, institutional interest, and the rise of on chain financial infrastructure is creating an environment that could redefine how global markets function.

What is striking is not just his optimism, but the level of detail behind it. Hougan is not talking about the next bull run or a temporary upswing. He is talking about a structural change that could reshape how assets move and how financial services are delivered.

 

A Regulatory Turn That Few Saw Coming

For years, regulation has been the main obstacle standing between crypto and traditional finance. That has started to change in a very real way. In a recent address, Securities and Exchange Commission Chair Paul Atkins presented a plan known informally as Project Crypto. Instead of focusing primarily on enforcement, the initiative outlines a path for integrating traditional markets with public blockchains.

Hougan called this the most optimistic regulatory stance he has ever seen and said it forced him to revise not just the scale of crypto’s potential, but the timeline as well. His point is straightforward. The market has not fully absorbed what a cooperative regulatory regime could unlock. Investors have priced in caution for so long that they have not adjusted to the possibility of acceleration.

 

Three Areas Where the Biggest Winners May Emerge

Hougan identifies three categories where he sees the strongest potential.

1. Layer 1 blockchains and core crypto networks.
If financial activity continues to move on chain, the blockchains that support settlement, tokenization, stablecoins, and decentralized financial rails could see massive growth. Hougan mentions networks like Ethereum, Solana, Cardano, Avalanche, Aptos, Sui, NEAR and others. His view is that the right approach is not to pick a single winner, but to build a diversified basket of networks that are gaining real world usage.

2. Decentralized finance protocols.
With clearer regulatory treatment, DeFi could move from a niche set of applications to the backbone of a new financial system. Protocols that automate trading, lending, borrowing, derivatives, and stablecoin issuance could scale far beyond their current user base. Hougan believes that once regulatory friction drops, institutional participation could flow in rapidly.

3. Financial super apps.
This is one of the most ambitious parts of the projection. Hougan believes new platforms will combine traditional finance and crypto into a single interface. Instead of having brokerage accounts in one place, bank accounts in another, and crypto apps somewhere else, users could interact with all financial assets through one unified system. He thinks a company in this category could become the largest financial services firm in the world, potentially passing a one trillion dollar valuation.

 

Why a Ten to Twenty Times Expansion Does Not Sound Unrealistic

Hougan has consistently argued that crypto could deliver ten to twenty times growth over the next decade. His reasoning is not based on hype. It is based on the idea that crypto is entering a period where cycles driven by halving events or speculative trading matter less than structural factors. He believes the “four year cycle” narrative has lost relevance. What now matters is the maturation of the asset class and the integration of crypto with global finance.

In his view, the size of the market today reflects years of hesitation driven by legal uncertainty. Once that uncertainty lifts, capital could move faster than analysts expect. Institutions that have been watching from the sidelines may feel more comfortable allocating real budget to crypto infrastructure, tokens, or tokenized assets.

 

What Could Go Right, and What Could Still Undermine This Vision

There is no guarantee that the optimistic scenario plays out. Hougan acknowledges both sides.

What could go right:

• Regulatory clarity could remove the largest barrier to institutional adoption.

• Layer 1 networks with real usage could become the settlement layers of a digital financial system.

• Super apps could reduce friction for everyday users, pulling millions more into on chain ecosystems.

• The industry could attract capital at a scale closer to major traditional asset classes.

What could go wrong:

• Regulatory implementation may move slower than expected, or shift again under new political leadership.

• Some networks or protocols may fail to scale, or may lose out to competitors.

• Macroeconomic conditions could suppress risk assets even if fundamentals improve.

• Volatility could remain a psychological barrier for mainstream investors.

 

What This Means for Investors, Builders, and Policymakers

If Hougan is right, the industry is not just entering a new market cycle. It is entering the early stages of a long transformation in how financial markets operate. Investors who once tried to time cycles may need to rethink their approach and focus more on diversified exposure to infrastructure. Builders may find themselves working in an environment that is more supportive than anything they have experienced so far. Policymakers may influence the shape of global finance for decades based on decisions they make in the next few years.

 

It is possible that crypto still has years of volatility ahead. It is also possible that the industry is standing on the edge of the most meaningful phase of its development. Hougan’s message is that the market may be thinking too small. He believes the shift underway is not incremental. It is transformative.

 

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Bitwise Launches BSOL, Marking a Breakthrough for Solana and a Signal for the Next Era of Altcoin ETFs

Bitwise Asset Management has officially launched BSOL, the first U.S. exchange-traded product offering spot exposure to Solana (SOL). This milestone marks a defining moment for Solana and signals the beginning of a new chapter for altcoins entering the regulated investment landscape.

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Solana Takes Center Stage

The BSOL launch cements Solana’s position as a major player in institutional crypto adoption. It is the first product in the U.S. to provide direct, fully backed exposure to Solana’s native token while staking 100 percent of holdings through Bitwise’s in-house infrastructure.

By leveraging Solana’s roughly 7 percent average staking yield, BSOL offers investors not only price exposure but also yield generation — all within a familiar, regulated ETF-style structure. This combination of accessibility, yield, and scalability positions Solana as the most advanced blockchain to reach institutional markets so far.

Solana’s growing ecosystem, low fees, and high-speed performance have made it one of the most active blockchains in the world. With BSOL now available to U.S. investors, Solana is moving from a crypto-native asset to a mainstream investment product — a shift that could have lasting effects on capital inflows and market perception.

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The Start of the Altcoin ETF Era

While Solana leads the charge, the BSOL launch is a clear sign that altcoins with strong fundamentals are next in line. The success of Bitcoin and Ethereum ETFs proved investor appetite for digital assets, but Solana’s inclusion marks the next evolution — one defined by innovation, network utility, and yield.

Regulatory momentum and market demand are now aligning in favor of more diversified crypto exposure. As institutional frameworks become more comfortable with blockchain infrastructure, attention is shifting toward other high-performing networks.

Cardano, Avalanche, and Polygon are often mentioned among the top contenders for future ETF approval. Each represents a unique approach to scalability, interoperability, or governance, and together they illustrate the growing depth of the blockchain landscape.

The path forward suggests a broader expansion: Solana today, Cardano and others tomorrow. The foundation is being laid for a new generation of regulated altcoin investment products that reflect the diversity and maturity of modern blockchain ecosystems.

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What This Means for Investors

For investors, BSOL offers more than just a new way to hold Solana. It represents a model for how future blockchain ETFs could be built — combining direct asset exposure, staking yield, and institutional security.

As more altcoin ETFs emerge, investors will be able to construct diversified portfolios across multiple ecosystems. This evolution could help reduce volatility, improve liquidity, and create structured opportunities for exposure to Web3 growth.

Institutional adoption is no longer theoretical. With BSOL trading on U.S. markets, it’s becoming a tangible part of investment strategy. If this trend continues, 2026 could be the year that altcoin ETFs become a standard feature of global financial markets.

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Conclusion

Bitwise’s launch of BSOL is a turning point for Solana and the broader crypto industry. It validates Solana’s technology, rewards investors through staking yield, and brings blockchain innovation into the regulated financial world.

It also opens the door for what comes next. Altcoins like Cardano, Avalanche, and Polygon are gaining traction and could soon follow in Solana’s footsteps. Together, they represent the next wave of blockchain assets poised for institutional adoption.

 

Solana has proven that altcoins can succeed on the world’s biggest financial stage. The rest are not far behind.

 

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Stay Connected

You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.