TechFlow News, June 3: According to The Block, Bitwise CIO Matt Hougan noted in his latest weekly report that as the Nasdaq-100 Index has risen 43% year-to-date and AI-related stocks continue attracting capital, the crypto market is undergoing a shift—from “momentum trading” to “contrarian bets.” Investors must adopt a long-term perspective and focus on fundamentals.
Hougan also observed that during this crypto winter, capital has not flowed into mainstream assets such as Bitcoin for safe-haven purposes; instead, it has poured into mid- and small-cap tokens with distinctive narratives—such as Hyperliquid (up 72% month-to-date), Zcash (up 50% month-to-date), and Stellar (up 44% month-to-date). Additionally, he emphasized that uncertainty surrounding the Clarity Act—a legislative proposal aimed at clarifying crypto market structure—remains a key constraint on institutional capital inflows. Galaxy analysts and Polymarket both assign roughly a 50–55% probability of passage. A sustainable rally in major crypto assets may only materialize after the legislation is enacted.
