Bitwise investment director Matt Hougan called current crypto investments a "trend bet" due to the massive capital outflow into the AI sector. Amid a 43% rise in the Nasdaq-100 index, major digital assets have slipped: Bitcoin has lost 21% since the beginning of the year, ether has lost 33%, and Solana has lost 37%.

The uncertainty surrounding the CLARITY Act is adding pressure. Although the Polymarket platform estimates that it has a 55% chance of being adopted, politicians are extremely skeptical: Democrats give only 5%, and Republicans 30%.

Hougan noted a change in the paradigm of current "cryptography": if capital used to be hidden in Bitcoin, it now flows into Altkoina with strong foundations. In the last month, Hyperliquid (HYPE) grew by 72%, Zcash by 50%, and Stellar by 44%. Bitwise previously called the native HYPE token the most undervalued asset in the market.

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