Earlier this year, Bitwise sat down with 15 of the world’s largest institutions: sovereign wealth funds, pensions, endowments, foundations. Crypto was down 50%, but not one of the institutions we interviewed cut its allocation. Several bought more. Here’s what else we learned:

This

What a day for the Hyperliquid ecosystem. When institutional volume comes onchain, the market re-rates protocols that capture it-- today it re-rated the entire ecosystem.

As usual, @scottmelker got to the core of our analysis: The biggest question for our 10-year BTC price target is whether bitcoin will take a rising share of the store of value market over time. For context, I had Claude plot BTC's historical share of this market. IMHO looks pretty good. We'll see where this ends up in 2036.

Hyperliquid

JUST IN: $15 billion Bitwise raises their Bitcoin price target to $1.6 million by 2036 👀 "Developments in the prior year have only deepened our conviction that bitcoin is on the path to becoming a major institutional asset." 🚀

Our updated bitcoin forecast for 2036: Bear case: $130,686 Base case: $1,599,766 Bull case: $3,667,911 Read the report to find out how we get there: bitwiseinvestments.com/crypt…

Bitcoin is better positioned today than at any point in its past. We're boosting our 10-year bitcoin target from $1.3m to $1.6m.

Our “2027 Bitcoin Long-Term Capital Market Assumptions” report is live. Ten-year forecasts for bitcoin’s return, volatility, and correlation to stocks. Base case: BTC to $1.6 million by 2036. bitwiseinvestments.com/crypt…

The stablecoin and tokenization boom is just getting started

NEAR is in fact booming and the data shows it

While advisors catch a lot of heat on CT for these types of questions, I see it as a sign that the people who control trillions in assets are starting to think more about crypto and how it fits into their client’s portfolios. That is a positive signal for long-term adoption.

I met with 100+ financial advisors over the last 2 days. These are the questions they asked: 1) Will quantum computing kill crypto? 2) How do you value bitcoin? 3) Am I already using stablecoins? 4) Is bitcoin a currency? 5) Are there Solana and XRP ETFs?

The stablecoin bull run is imminent

On Monday, @Bitwise filed our comment letter on the SEC’s proposed Regulation Crypto Assets. Our ask: a practical framework for a question Bitwise has wrestled with for nearly a decade. How do we determine whether a crypto asset is a security or is subject to an investment contract? Bitwise evaluates crypto assets every day. We ask: What do they do? How were they created? Can we put them into our products? For years, answering that last question has required analysis with limited information and uncertain standards. This letter draws on over five years of engaging with the SEC Staff on these issues. We’ve long wanted a framework a company can actually apply without commissioning a bespoke Howey analysis for every crypto asset. Regulation Crypto gives us an opportunity to get there. The proposal focuses on issuers. Our letter proposes changes to make it work for companies like Bitwise that use crypto assets as the building blocks of investment products. We make two principal requests: 1. A standard outsiders can apply to determine when a crypto asset is no longer subject to an investment contract, based on publicly available information. We can evaluate what an issuer promised, what it has done and what activities continue. We cannot verify its private intentions. 2. Clear rules for when non-issuers may rely on an issuer’s Form TR, how to make a determination when no Form TR exists, and what facts would make reliance unreasonable. These questions shape what we can build for investors. This letter puts years of experience to work advocating for rules that give us greater certainty and room to build. Read our letter: sec.gov/comments/S7-2026-27/…

Stablecoins will eat payments. AI agents and the Genius Act will accelerate this.

Every quarter, we track different major networks and share what we're seeing in staking and onchain activity. This quarter, our staking report covers Ethereum, Solana, Hyperliquid, Robinhood Chain and Near. There is now more onchain activity than ever, and it keeps getting cheaper as teams scale the infrastructure. Here are our main takeaways 🧵

1) A lot of people ask me how exactly Bitcoin can change the world Sometimes I say “Bitcoin can fix this” or “Bitcoin will make the world a better place” But to many, it’s unclear how any of that will actually happen So here’s my full vision for the world on Bitcoin 🧵

1/ The fresh quarterly Bitwise staking report is out. Q3 was pretty busy (lots of big weeks!). Here are some of the numbers that went up during the quarter:

The Bitwise Staking Report (Q4 2026) is live. In our quarterly digest, we take a hard look at protocol metrics for @ethereum, @solana, @HyperliquidX, @Robinhoodcrypto, and @NEARProtocol. TL;DR: Stake is up, costs are down, and rewards are down too. Read the report: bitwiseinvestments.com/crypt…

Perspective