Momentum wanes, fundamentals pick up, this narrative shift is quite interesting.

Crypto news, Bitwise Chief Investment Officer Matt Hougan stated that the rise of U.S. stocks and the attraction of AI stocks have shifted cryptocurrency investments from momentum trading to a "contrarian bet" based on long-term fundamentals. He pointed out that institutional allocation to cryptocurrencies is decreasing in attractiveness, but the industry has not disappeared, and the investment logic is changing, requiring a longer-term perspective and fundamental analysis. He mentioned that during the current "crypto winter," funds are more focused on projects with independent fundamental narratives, such as Hyperliquid, BNB, Zcash, and Stellar, all of which have recently experienced significant gains.