Because the tokenization growth and a elementary reassessment of the function of public blockchains go on, Bitwise CEO Hunter Horsley shared his “sizzling take” on the utility of Ethereum and Solana. Regardless of skepticism towards cryptocurrencies in the summertime of 2026, the fund’s chief mounted a forceful protection of the main networks, calling doubts in regards to the worth of their native tokens a repetition of Wall Road’s greatest historic errors.
The top of one of many largest crypto funds instantly said that the try and separate RWA infrastructure from the financial worth of base-layer cash is just the “2026 model of the ‘blockchain, not Bitcoin’ thesis”.
Bitwise CEO calls out the market’s greatest mistake
The business has irreversibly entered an “on-chain versus off-chain” part, and making an attempt to develop tokenized belongings whereas denying the worth of native tokens is an previous psychological error of the market, Horsley contends.
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Contemporary knowledge from analytics platform RWA.xyz clearly helps this place. The main networks now successfully host almost the complete international real-world asset infrastructure:
- Ethereum is absolutely the chief, with $15.5 billion in distributed worth throughout 915 initiatives.
- Solana ranks third, with $3.0 billion and already 707 energetic merchandise.
Any transactions, dividend distributions, or transfers of tokenized shares inside these large ecosystems are technically unattainable with out the usage of ETH and SOL. The cash are spent on fuel and safe the networks by means of staking, which means their worth is instantly tied to the expansion of the tokenization sector.
Nevertheless, behind this public protection of the giants lies a realistic industrial curiosity and a wager on different infrastructure. Bitwise has its personal favourite on this race — Hyperliquid.
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Whereas conventional on-chain tokenization stays stalled by compliance necessities, decentralized buying and selling platform Hyperliquid, in whose growth the fund has a direct curiosity, is demonstrating explosive growth.
In keeping with the platform’s newest studies, open curiosity in RWA derivatives on Hyperliquid has reached a document $3.6 billion. By this metric, the specialised blockchain alone has surpassed the complete spot RWA market on Solana, valued at $3.0 billion, whereas the alternate’s complete open curiosity has reached an all-time excessive of $11 billion.
By defending the economics of ETH and SOL in opposition to superficial interpretations, Bitwise is skillfully directing investor consideration towards extra versatile infrastructure options, and the fund’s capital construction reveals that Hyperliquid is turning into their major instrument for extracting most worth from the altering construction of the crypto market.