Bitwise Chief Investment Officer Matt Hougan said in a report to clients that there is an interesting dichotomy for institutional investors and retail investors in the cryptocurrency field: On the one hand, institutional investors’ sentiment towards cryptocurrencies It is the most optimistic in history, and retail investors are in despair. Investment professionals now see cryptocurrencies as a field where institutional capital allocates at record amounts through ETFs; however, for retail investors, it's almost like living in another reality, Bitwise's own on-chain sentiment scores show It is currently one of the lowest readings ever. Matt Hougan said he firmly believes institutions are right, and so far this year, ETFs and businesses have purchased more than 100,000 BTC, compared with 18,000 BTC mined. And in the long run, the allocation of altcoins is stronger than ever in history, but the situation of altcoins is more complicated. With the clarification of the regulatory agenda, the United States regards stablecoins as a "national priority" and the growing confidence in institutions The crypto industry is bound to push DeFi applications to the public, and its impact will be self-evident and unstoppable.