<div id="readability-page-1" class="page"><div>Episode 63 of The Crypto Beat was recorded with Tim Copeland and Bitwise CIO Matt Hougan.Listen below, and subscribe to The Crypto Beat on YouTube, Apple, Spotify, Twitch, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.In episode 63 of The Crypto Beat, Bitwise CIO Matt Hougan argues crypto is in a self-fulfilling four-year cycle bear market, where retail investors sold in anticipation of the downturn and made it real, but says this period feels far less existential than 2018 or 2022. He sees BlackRock's aggressive push into tokenization and DeFi as a landmark signal that on-chain finance is inevitable, though full adoption is a 10- to 15-year story. His 2026 outlook: a grindy bottom with fundamentals outpacing price, setting up 2027 as the breakout year. OUTLINE 00:00 - Introduction 00:20 - Crypto Winter Check-In 04:03 - When Did the Bear Actually Start? 07:57 - Is This Time Different? 11:44 - BlackRock Goes On-Chain 17:10 - The 10-Year DeFi Adoption Arc 21:17 - Prediction Markets Boom 24:08 - Has Crypto Grown Up? 27:08 - The Strategy Question 29:14 - 2026 Outlook &amp; What Comes NextGuest links: Matt Hougan - x.com/Matt_Hougan Bitwise - x.com/BitwiseInvest Tim Copeland - ⁠⁠⁠x.com/timccopeland⁠⁠⁠The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters.Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test. Faster hiring, stronger teams.Sign up for a trial today: theblock.co/campusDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. </div></div>

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In episode 63 of The Crypto Beat, Bitwise CIO Matt Hougan discusses the current crypto bear market, suggesting it is a self-fulfilling cycle influenced by retail investors. He views BlackRock's entry into tokenization and DeFi as a significant indicator of the future of on-chain finance, predicting a gradual recovery with fundamentals improving by 2026, setting the stage for a breakout in 2027. The discussion covers various aspects of the crypto landscape, including market trends and adoption timelines.

- Episode 63 of The Crypto Beat features Bitwise CIO Matt Hougan discussing the current four-year cycle bear market in crypto, characterized by retail investors selling in anticipation of a downturn.  
- He notes that BlackRock's focus on tokenization and DeFi is a significant sign of the inevitability of on-chain finance, though widespread adoption may take 10 to 15 years.  
- For 2026, Hougan predicts a challenging bottom with fundamentals improving ahead of prices, setting the stage for a breakout in 2027.

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