While investors are waiting for the bear market in Bitcoin and altcoins, which has been ongoing since October 2025, to end, Bitwise CIO Matt Hougan stated that a new era will begin in the cryptocurrency market and that some projects may stand out during this period.
In his recently published article titled “Crypto’s Revenue Revolution,” Matt Hougan stated that the crypto market is increasingly becoming a “revenue-driven” structure.
At this point, Bitwise’s CIO says that the crypto market will grow around profitable projects.
According to Bitwise’s CIO, the value of cryptocurrencies other than Bitcoin will be assessed more on their income-generating capacity in the coming period, just like stocks and bonds.
Cryptocurrency Prices Are Too Low!
Matt Hougan argues that investors haven’t fully grasped this shift in the crypto sector yet, leading to some cryptocurrencies being undervalued.
Hougan noted that despite blockchain networks reaching millions of users and generating billions of dollars in economic activity, the vast majority of the revenue generated is not being transferred back to tokens or token holders.
However, according to Hougan, this era is now behind us. In the new era, projects will reinvest the revenue they generate into the token economy through token buybacks and burning mechanisms, creating a stronger link between network usage and token value. This will allow some revenue-focused cryptocurrencies to stand out.
$HYPE, PUMP, $UNI and $AAVE Attract Attention!
In this context, Hougan stated that the crypto market will grow around profit-generating projects, citing HyperLiquid ($HYPE), Uniswap ($UNI), $AAVE, and Pump.Fun as examples.
He stated that all of these projects use the fees collected for token buybacks or token burning, but these mechanisms have not yet been reflected in token prices.
Hougan also noted that the revenue-driven token economy is not limited to DeFi projects but is spreading to Layer-1 blockchain networks, citing Aptos (APT) and Solana as examples.
Bitwise’s CIO also predicts that DeFi applications and Layer-1 blockchain networks will generate more revenue in the next 12 to 24 months. According to Hougan, the strengthening link between revenue and token value could lead to some crypto assets doubling or more in value if investors recognize the market shift.
*This is not investment advice.
