Bitwise Asset Management CEO Hunter Horsley (헌터 호슬리) advised cryptocurrency investors to look at real project progress and year-on-year asset performance rather than short-term price volatility.

On June 8, blockchain media outlet Cryptopolitan reported that as money flows into AI stocks, robotics and SpaceX, the cryptocurrency market is also shifting into a phase that weighs fundamentals rather than momentum.

In a post on X on June 8, Horsley said investors should not focus only on weekly or monthly news and price moves. He said investment decisions should be based on real project progress and annual asset performance, even with bitcoin trading at about $62,800.

He cited on-chain adoption metrics, product-market fit, integration with companies and institutions, and the project team’s capabilities as measures of real progress. He said crypto investors envy returns from AI and space technology, but added that technological breakthroughs took a long time. He pointed to SpaceX experiencing multiple failures since it was founded in 2002, and OpenAI becoming widely known only after ChatGPT, 7 years after its founding in 2015.

Horsley also mentioned differences in time horizons between cryptocurrency investors and institutional money. Citing a Milk Road interview on June 5, he said crypto investors are used to changes by the hour, day and week, while institutional capital moves on a longer timetable. He also said the market may be better suited to that kind of money in the future.

Bitwise Chief Investment Officer Matt Hougan (맷 호건) also wrote in a market memo on June 2 that the cryptocurrency market is going through a painful transition from momentum trading to contrarian investing. He cited Hyperliquid, Zcash, Stellar and BNB rising 72 percent, 50 percent, 44 percent and 17 percent, respectively, as cases where individual asset value was reflected rather than broad market strength.

Hougan also cited the Digital Asset Market Clarity Act, known as the Clarity Act, as another variable for institutional inflows. The bill includes measures to clarify jurisdiction between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission and establish a regulatory framework for digital commodity trading platforms, brokers and dealers. Bitwise executives see the next growth driver for the cryptocurrency market coming from money that values projects like ordinary companies, rather than meme coin speculation.