Bitwise CIO Calls Crypto a 'Contrarian Bet' as Nasdaq-100 Surges 43% Year-Over-Year

According to Bitwise Chief Investment Officer Matt Hougan in a weekly memo on Tuesday, crypto has shifted from a momentum trade to a "contrarian bet" amid strong stock market gains. "Who needs crypto when the Nasdaq-100 is up 43% year-over-year?" Hougan wrote, noting that AI and other opportunities are dominating investor attention.

Hougan highlighted that this cycle differs from previous downturns: investors are rotating into smaller assets with strong fundamentals rather than safe-haven Bitcoin. He cited Hyperliquid up 72% in one month, BNB up 17%, Zcash up 50%, and Stellar up 44%. "When crypto stops being a momentum trade, fundamentals start to matter," Hougan said.