PANews reported on February 25 that, according to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that crypto assets may currently suffer from structural valuation errors, mainly due to investors' "anchoring bias," which keeps them focused on old narratives while ignoring the reality that Wall Street is accelerating its shift towards on-chain infrastructure.

Hougan emphasized that although the current tokenized asset market is only about $20 billion, the sheer size of the traditional financial market indicates enormous growth potential. He cited examples such as BlackRock's tokenized government bond fund, JPMorgan's issuance of deposit tokens on the Base network, and Apollo's tokenized credit fund, arguing that the current lag between consensus narratives and actual developments offers investors opportunities to generate excess returns (alpha). He advised investors to build broad market exposure to address the ongoing structural changes in the financial system.