Bitwise

"You saw the foundation get laid with ETFs in the last bear market, and Bitcoin hit all-time highs after. I think you see the same thing happening with vaults" Ryan Rasmussen, Head of Research at Bitwise, on why the groundwork being laid now mirrors the ETF setup that sent Bitcoin to all-time highs "Hunter Horsley tweeted out that Bitcoin prices might be down, but it feels like a raging bull market in the vault space, and I think that captures where things are headed. In bear markets you typically see the foundation being laid for what will grow and see the most euphoria and capital flow in the following bull market" "You saw it with stablecoins in prior bear markets, and with ETFs. Think about the end of 22, early 2023, that's when BlackRock came in and filed for their ETF, and Grayscale was suing the SEC. Then they launched in January, became the most popular ETFs in terms of year one inflows, and Bitcoin hit new all-time highs thereafter" "I think you see the same thing happening with vaults. The infrastructure is being laid, then we'll see regulation and legislation supporting it, you're already seeing the SEC and CFTC talking about the next evolution of finance onchain. Then you'll see capital flow, institutions with tokenization, those strategies wrapped in vaults, and I think that drives prices higher"