Original author: Matt Hougan, Chief Investment Officer, Bitwise

Original translation by Chopper, Foresight News

In my previous memos, I usually focused on the most important event in the market. However, with the current complex variables in the industry, it is difficult to focus on a single logic. This article interprets the market from three dimensions.

1) Crypto assets become a contrarian investment option

The current cryptocurrency market is in a dismal state. Bitcoin has fallen 21% this year, while Ethereum, Solana, and XRP have suffered even steeper declines, dropping 33%, 37%, and 31% respectively. Crypto ETFs continue to experience net outflows, and spot trading volume has fallen to multi-year lows.

The key reason for the…