Bitwise CIO Matt Hougan: The biggest risk for Bitcoin right now might not be further declines, but the fact that everyone is waiting for a lower bottom. There’s a strong consensus in the market recently: October might be the bottom for $BTC, and people are waiting for one last drop to buy the dip. But Matt Hougan believes that when everyone is waiting for the same opportunity, it’s time to be cautious. His reasoning is simple: Bear markets usually don’t end with a crash, but with indifference. When the market stops reacting to bad news, it means those who really wanted to sell may have already sold. Over the past few months, we’ve seen declining expectations for the Clarity Act, volatility in risk assets, and low market sentiment. Yet Bitcoin has just been moving sideways without further panic selling. Historically, this is often a sign of a bottom forming. The bigger story, however, isn’t about short-term price movements—it’s about the changes happening on Wall Street. Matt mentioned that one of the biggest trends over the next 5-10 years will be asset tokenization. The global stock market is worth about $110 trillion, and global assets exceed $600 trillion, while on-chain assets are still only in the hundreds of billions range. Institutions like BlackRock and Morgan Stanley are pushing RWA (real-world assets) not for short-term speculation, but because they see a much larger business opportunity: 24/7 global asset trading, on-chain settlement, and reduced intermediary costs. If regulation becomes clearer, this might not just be a regular market cycle—it could be a migration of financial infrastructure. This is why Bitwise advises investors to maintain some allocation. They suggest a 1%-5% allocation to crypto assets, which can capture growth while mitigating behavioral risks from large price swings. The real question over the next decade is whether you’ve already missed the chance to make it part of the mainstream asset class. Many people are waiting for certainty, but when a major cycle truly begins, it often happens when most people still don’t believe in it. #Bitcoin #Crypto #Investing #Tokenization