[Bitwise CIO: Signs of a Bottom in the Crypto Market, Next Bull Run Driven by On-Chain and Traditional Finance Integration] Bitwise Chief Investment Officer Matt Hougan analyzed in an article that the crypto market is showing signs of a bottom—Bitcoin has risen 9% since July 1, while the Nasdaq has dropped 6%. ETF fund flows have turned positive, and market sentiment is improving. Hougan believes the next bull market will be driven by the integration of on-chain finance and traditional finance, with core sectors including stablecoins, tokenization, 24/7 trading, instant settlement, and institutional DeFi.