PANews, June 21 – Bitwise CEO Hunter Horsley stated on X, "In the 1990s, the internet was just emerging. Almost every idea seemed viable. Hundreds of companies, riding on these possibilities, reached valuations of $500 million to $1 billion. By the early 2000s, that optimism faded. There were no longer hundreds of companies racing to compete. Instead, a few companies that had truly proven their value thrived. Precisely because they succeeded with demonstrable value, they operated longer and grew larger than in the previous cycle. The crypto space is undergoing a similar transformation. The number of winners will shrink, but the winners will stand out with demonstrable value. They will be larger in scale and operate longer than people expect."