Crypto valuations could double or more, says Bitwise CIO Matt Hougan. His reasoning: crypto is quietly turning into an actual revenue market. Hyperliquid, Uniswap, Aave, Pump. fun are all taking real protocol fees and using them to buy back and burn their own tokens. Hyperliquid alone did $169M in Q2 revenue and sent $141M of it straight into HYPE buybacks. Most investors still think crypto tokens don't earn anything. That was true for years, thanks to a regulatory climate that basically punished projects for sharing revenue. Under a friendlier SEC, that's flipped. If the money keeps flowing to token holders like this, Hougan thinks the market hasn't caught up yet, and that's the gap.(Lark Davis)