Crypto winter looks different this cycle as capital rotates toward smaller assets with credible fundamentals instead.

Bitwise Chief Investment Officer Matt Hougan said the “brutal” cryptocurrency market is no longer the “belle of the ball,” as digital assets are increasingly becoming a contrarian investment.

In his latest memo, Hougan flagged three factors influencing the market, beginning with crypto’s struggle to attract investor enthusiasm as prices remain under pressure and momentum fades.

On Contrarian Bet and Clarity

Bitcoin is down 24% this year, while Ethereum has fallen 36%, Solana 40%, and XRP 32%. At the same time, exchange-traded funds have recorded…