Quick Breakdown
- Bitwise CIO Matt Hougan says tokens are becoming more efficient at capturing value due to regulatory clarity and protocol upgrades.
- Uniswap, Ethereum, and XRP are highlighted as top examples of improving token economics.
- Hougan believes these changes could trigger a strong crypto market rebound beginning in 2026.
Crypto assets may be gearing up for a robust comeback in 2026 as token models evolve to capture more value under clearer regulatory conditions, according to Bitwise chief investment officer Matt Hougan.
In an X post on Sunday, Hougan said the current market pullback is overshadowing a crucial trend: digital assets are increasingly shifting toward designs that directly reward tokenholders.
1/ I see a lot of bad analysis of DATs, or digital asset treasury companies. Specifically, I see a lot of bad takes on whether they should trade at, above, or below the value of the assets they hold (their so-called “mNAV”).
Here’s how I approach it.
— Matt Hougan (@Matt_Hougan) November 23, 2025
He explained that many tokens launched during a period when regulatory uncertainty discouraged explicit value-capture mechanisms, forcing projects into vague “governance token” structures. But with global rules becoming clearer, those limitations are now being dismantled.
“Under the new regulatory climate, that’s being unwound,”
Hougan wrote, predicting the impact will start to be strongly felt by 2026.
Uniswap’s value-capture pivot pushes UNI higher
Uniswap’s UNI token recently spiked after the Uniswap Foundation and Uniswap Labs proposed upgrades intended to make the token more investment-friendly.
The proposal includes activating a protocol-level fee mechanism that would burn a portion of fees and introducing a new auction system designed to boost returns for liquidity providers.
Hougan pointed to UNI as a prime example of the new generation of value-capture tokens. If the proposal passes, he believes UNI could climb into the top 10 cryptocurrencies by market cap.
Ethereum’s Fusaka upgrade could lead the market rebound
Hougan also highlighted Ethereum’s upcoming Fusaka upgrade, scheduled for December 3, as an underappreciated catalyst that could significantly boost ETH’s upside potential.
The upgrade focuses on refining Ethereum’s execution layer and improving staking economics, changes Hougan said could help Ether lead the broader market recovery.
XRP eyes staking to boost token economics
Ripple’s XRP may also be entering a new era of value capture, with the community exploring the possibility of adding staking rewards.
Hougan said such a system would materially improve XRP’s tokenholder benefits, further supporting his view that value capture across the digital asset market is trending upward.
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