Bitwise CEO: The crypto market is undergoing an “internet-bubble-style” shakeout, and only a few projects with proven value will emerge victorious

TechFlow reports that on June 21, Bitwise CEO Hunter Horsley (@HHorsley) stated the crypto market is undergoing a cyclical shift similar to the dot-com bubble burst of the 2000s—previously, numerous projects achieved high valuations based on “possibility narratives,” whereas the market is now transitioning toward maturity. Going forward, the number of winners will decline significantly; however, those projects that succeed based on verifiable fundamentals will achieve larger scale and longer duration than the market expects.