Bitwise CEO Hunter Horsley posted on the X platform, “In the 1990s, the internet was just emerging. Almost every idea seemed feasible. Hundreds of companies reached valuations of 500 million to 1 billion dollars based on these possibilities. By the early 21st century, that optimism faded. There were no longer hundreds of companies competing. Instead, a few companies that truly proved their worth thrived. Because they succeeded with demonstrable value, they operated longer and were larger in scale than in the previous cycle. The cryptocurrency sector is also undergoing a similar transformation. The number of winners will decrease, but the winners will stand out due to their demonstrable value. Their scale will be larger, and their…