Name: This One Catalyst Could Send Ethereum & Solana to New All-Time Highs w/ Matt Hougan & Ryan Rasmussen
Uploaded: 2026-01-10T14:00:40+00:00
Duration: 697 s

Speakers

Matt Hougan — CIO, Bitwise Asset Management

Ryan Rasmussen — Head of Research, Bitwise

Summary

Bitwise's Matt Hougan and Ryan Rasmussen discuss crypto predictions. They are bullish on stablecoin adoption despite expected political pushback, see on-chain vaults as a fast-growing and long-term asset-management shift, and argue Ethereum and Solana could hit new all-time highs if the Clarity Act passes. They also frame Bitcoin as the ultimate stablecoin and note Washington timing remains uncertain.

Stablecoins are seen as crypto's biggest use case despite coming government pushback.
Bitcoin is framed as the ultimate long-term stablecoin destination.
On-chain vaults are expected to double AUM to about $20 billion by 2026.
Long-term, vaults could reshape asset management into a trillion-dollar market.
Clarity Act passage is the key catalyst for Ethereum and Solana to reach new all-time highs.
Washington timing is uncertain, with Polymarket odds for a 2025 Clarity Act very low.
Ivy League endowment crypto adoption was raised but not developed in the clip.

Ideas

Matt Hougan CIO, Bitwise Asset Management 0:05

Bullish stablecoins despite coming government pushback.

Matt is very bullish on stablecoins as crypto's biggest use case. They make payments cheaper, instant, and global, and let people in high-inflation countries escape into US dollar stability. Stablecoin usage is now big enough to matter, and although the IMF, European leaders, and emerging-market governments may push back and blame stablecoins for destabilizing an emerging-market currency, he expects nothing to stop the train.

Matt Hougan CIO, Bitwise Asset Management 3:32

Bitcoin is the ultimate stablecoin destination.

Matt says Bitcoin is the ultimate stablecoin. If people get angry at the US dollar or their unstable local currency, the end point of that flight to safety is Bitcoin, so that is where the world ultimately ends up.

Ryan Rasmussen Head of Research, Bitwise 3:57

On-chain vault AUM should double by 2026.

Ryan views on-chain vaults as ETF-like investment funds where curators deploy deposits into DeFi lending and market-making strategies to generate yield. The October 10 crypto crash exposed poorly managed vaults, which he thinks will force higher-quality curators into the space in 2026, drawing capital and doubling vault AUM from roughly $8-9 billion to about $20 billion. Falling interest rates make 6-8% vault yields attractive versus 3-4% savings or money-market yields, and better risk management reduces the risk of the strategies.

Matt Hougan CIO, Bitwise Asset Management 6:12

Vaults are future trillion-dollar asset management.

Matt argues ETFs are not the end of asset-management history. In a decentralized, self-custody world, asset management becomes IP rather than physically taking possession of assets, and vaults enable that shift. He sees vaults as a trillion-dollar market long-term and expects firms like BlackRock, Bitwise, and Pimco to increasingly be thought of as vault managers.

Matt Hougan CIO, Bitwise Asset Management 8:08

Clarity Act could send ETH, SOL higher.

Matt argues that if the Clarity Act passes, it would replace the current pro-crypto regulatory castle built on sand with a concrete legal foundation for a blockchain-based financial future. Tokenized US stocks, asset-manager adoption, and hundreds of trillions in market value could move on-chain. He says Ethereum and Solana are the leading blockchains for that future, so they should reach new all-time highs if the Act passes; Solana's sub-$100B valuation would look especially crazy in that scenario. Without the Act, outcomes are less certain.

This One Catalyst Could Send Ethereum & Solana to New All-Time Highs w/ Matt Hougan & Ryan Rasmussen

Summary

Ideas

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