Bitwise CIO Matt Hougan Says Classic Altcoin Seasons Are Ending as Market Cycles Shift

Bitwise CIO Matt Hougan said in a Wednesday interview that the broad, euphoric altcoin seasons of past cycles are unlikely to return, and that future cycles will favor tokens with real-world traction and applications. He argued that instead of a uniform rally where capital rotates from Bitcoin to Ether and then to the wider altcoin market, the next phase will see more differentiated revaluations focused on assets tied to substantial businesses.