Bitwise CEO urges crypto investors to focus beyond weekly price swings

Bitwise CEO Hunter Horsley said crypto investors should look past weekly or monthly price volatility and pay closer attention to project fundamentals, including on-chain adoption, product-market fit, institutional and corporate integration, and team quality. His comments came as Bitcoin traded at about $62,800 and as investor attention shifted toward AI stocks, robotics and private companies such as SpaceX. Horsley said that backdrop does not argue for leaving crypto, but for adopting a different investment posture based on real progress and year-on-year performance.The remarks add to a broader Bitwise view that crypto is moving away from a momentum-driven market. In a June 2 memo, Bitwise chief investment officer Matt Hougan described the sector as undergoing a "painful transformation – from momentum trade to contrarian investment," arguing that fundamentals are beginning to matter more as speculative flows cool. Hougan pointed to gains in Hyperliquid, Zcash, Stellar and BNB as examples of assets that rose on project-specific factors rather than broad market strength.Horsley also contrasted the fast pace of crypto-native trading with the slower timelines of institutional capital, citing a June 5 Milk Road interview in which he said crypto investors are "not used to an environment in which an hour is fast. A day is fast. A week is a meaningful period of time, and nobody can recall what was going on 4 weeks ago." Bitwise executives say the next leg of growth could depend on whether institutions follow through and whether U.S. lawmakers deliver clearer rules, including through the proposed Digital Asset Market Clarity Act, which would address jurisdiction between the SEC and CFTC and set a framework for digital commodity market participants.