[DigitalToday reporter Chi-gyu Hwang] The cryptocurrency market moves on narratives. Market participants focus on what new stories could drive the next bull market. Some see no new narratives left. But Matt Hougan (매트 호건), chief investment officer at Bitwise, says multiple currents are still forming at the same time.

In a post on social media platform X (Twitter), he presented 9 major crypto narratives he is watching for the next cycle.

The first is revenue. Blockchains currently generate about $7 billion to $8 billion in annual revenue. That figure could grow to hundreds of billions of dollars as mainstream adoption spreads. The view is that projects that generate real revenue could lead the next cycle.

The second is AiFi. Under this view, AI agents do not use bank accounts. Instead, they use cryptocurrencies, stablecoins and DeFi. The narrative is that the scale of transactions AI creates could exceed the range of what traditional finance can imagine.

The third is weakening fiat currencies. Like Ray Dalio (레이 달리오), if trust in fiat currencies wavers, assets move to currencies with scarcity. Bitcoin is cited as one of the alternatives.

The fourth is institutional adoption. Institutional adoption of cryptocurrencies is not a short-term phenomenon. It argues this is not a 2-year event, but a long-term trend that plays out over 10 years.

The fifth is regulatory progress. The impact of positive crypto regulation has yet to appear in earnest. The U.S. GENIUS Act only takes effect in January 2027. Once a clear regulatory framework is in place, investment and mainstream adoption could gain momentum at the same time.

The sixth is a stablecoin supercycle. Stablecoin assets under management have stalled at about $300 billion, but the core point is that stablecoins could grow to trillions of dollars over the long term and become a key part of global payments infrastructure in the 21st century.

The seventh is tokenisation. Tokenised assets currently total only about $20 billion. Global equity markets are worth $120 trillion, bonds $140 trillion and real estate $300 trillion. Not even 0.1 percent of the overall market has been tokenised. That is why BlackRock and others stress tokenisation’s potential.

The eighth is DeFi’s resurgence. DeFi is still in its early stage. Some also forecast that as asset tokenisation advances and the regulatory environment becomes clear, DeFi could grow 100-fold from current levels.

The ninth is Ethereum’s Steve Jobs moment (s Steve Job Moment). Vitalik Buterin has stepped back to the forefront of Ethereum. Some compare it to Steve Jobs returning to Apple in 1996.

Hougan said, "Not every narrative becomes reality. Volatility and risk also follow. But looking beyond a short-term correction phase, the next few years could be an important time for the crypto industry."