Hougan Predicts 2026 Crypto Rally as Tokens Gain Value

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Bitwise CIO Matt Hougan Sees 2026 Crypto Revival as Tokens Capture More Value

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 24, 2025

Key Takeaways

Matt Hougan, Bitwise chief investment officer, stated that improved token design and regulation could drive crypto’s next upswing by 2026;
Uniswap’s UNI may rise if new fee models tie trading activity more closely to token value;
Ethereum’s Fusaka upgrade, set for December 3, may boost ETH’s ability to capture network value.

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Bitwise CIO Matt Hougan Sees 2026 Crypto Revival as Tokens Capture More Value

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Bitwise chief investment officer Matt Hougan explained that digital tokens are becoming better at retaining the economic value they help create.

He expects this change to play a key role in a possible market recovery by 2026.

In a post on X, Hougan noted that while attention has been on the current market slump, important changes are taking place quietly in the background. He explained that many older tokens were designed in a time when strict rules made direct value capture risky.

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As a result, they were mostly limited to governance purposes. With updated regulations in place, he noted that those limits are fading, which opens new opportunities for tokens to benefit directly from network activity.

One example is Uniswap’s UNI UNI $5.50 token. Hougan highlighted new proposals that could better align network fees with UNI’s value. The plan includes using a portion of trading fees to burn tokens and adding a system to reward liquidity providers.

He said this approach would make UNI more than just a governance token and could lift it into the top ten by market value if approved.

Ethereum’s ETH $3,118.32 upcoming Fusaka upgrade is another factor Hougan believes could improve value capture. He expects the update, planned for December 3, to enhance ETH's network benefits.

Meanwhile, Tom Lee stated that recent price declines in crypto may be linked to financial difficulties faced by trading firms. How? Read the full story.