CNBC Television
'I think crypto market is close to a bottom': Bitwise CIO Matt Hougan
11/5/2025, 9:00:26 PM
Economic Summary
- The Bitwise Solana Staking ETF (B‑Sol) experienced large initial demand, with FactSet reporting $417M inflows its first week and Bitwise $67M in one day, indicating strong investor appetite for simple, staking-enabled Solana exposure (SOL).
- Staking economics matter: B‑Sol stakes 100% of Solana holdings, capturing roughly 7%+ yields that can meaningfully boost investor returns relative to un-staked exposures.
- Macro/regulatory environment is shifting toward tokenization and stablecoins; the Genius Act and major institutions (e.g., BlackRock) pursuing tokenization increase odds that payments and asset transfer will migrate on-chain (mentions: BLK, SOL, ETH, WU).
- Market bifurcation: crypto retail is deeply depressed after leverage and protocol issues, but institutional demand for crypto ETFs remains intact, implying a potential near-term sentiment bottom and later rally into year-end and 2026.
Bullish
- B‑Sol ETF saw massive early inflows, signaling strong investor demand.
- Staking yields (~7%+) add incremental returns to token exposure.
- Institutional interest and ETF product expansion should support asset demand.
- Stablecoin and tokenization adoption (e.g., Western Union on Solana) drives network use.
Bearish
- Retail-driven panic and leverage blowouts depressing crypto prices.
- Problems with vaults and yield protocols undermining retail confidence.
- Regulatory or government slowdowns could delay product rollouts and staking upgrades.
Bullish tickers
SOLETH
Bearish tickers
SOLETHBTC
SOL
Bullish
Strong ETF inflows, staking yield capture, and adoption wins like Western Union choosing Solana.
Bearish
Highly volatile; susceptible to retail sell-offs and leverage-driven declines despite ETF flows.
ETH
Bullish
Market leader with strong institutional build and long-term tokenization role; viewed as undervalued by speaker.
Bearish
Faces near-term pressure from broader crypto sell-off and retail deleveraging.
BTC
Bullish
Mentioned as a large benchmark asset; upside as market institutionalizes post-retail flush.
Bearish
Included in the broader crypto sell-off and sentiment-driven declines.
WU
Bullish
Western Union launching a stablecoin on Solana signals institutional blockchain adoption.
Bearish
No specific company downside discussed beyond general regulatory/process slowdowns.
BLK
Bullish
Cited as an example of major asset managers pushing tokenization and stablecoin initiatives.
Bearish
No direct bearish points made about BlackRock specifically.
BITWISE
Bullish
Successful B‑Sol launch and staking capabilities highlight Bitwise leadership in ETF staking products.
Bearish
Regulatory or government closures could slow product upgrades and US staking rollouts.
People mentioned
Gary Gensler