Bitwise Chief Investment Officer Matt Hougan stated that, against the backdrop of AI concept stocks continuing to attract funds and the uncertain outlook of the crypto market structure bill CLARITY Act, crypto assets are shifting from market momentum-dependent trading to asset classes with more contrarian investment characteristics. He believes that currently, institutional investors remain cautious about large crypto asset allocations, and the uncertainty surrounding legislative progress limits capital inflows. However, unlike previous market cycles, some crypto assets with clear fundamental support have recently outperformed the market, indicating that investors are paying more attention to project fundamentals rather than just market sentiment. (The Block)