Wall Street's Blockchain Shift Mispriced by Anchoring Bias

Bitwise CIO Matt Hougan says traditional and crypto investors are missing the scale of Wall Street's move toward blockchain-based infrastructure due to anchoring bias. He points out that tokenization has accelerated, with significant developments in 2025. According to Hougan, SEC Chairman Paul Atkins' 'Project Crypto' aims to modernize securities regulation for on-chain markets.

BlackRock CEO Larry Fink stated the industry is entering the early stages of tokenizing all assets. BlackRock followed through by launching its $2 billion BUIDL tokenized Treasury fund on Uniswap (UNI). Apollo has also tokenized its $700 billion Diversified Credit Fund across six blockchains and plans to acquire a stake in Morpho.

Major banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are discussing a joint stablecoin. Fidelity is hiring a DeFi vaults manager. Hougan notes that these moves have yet to register with traditional investors, who remain fixated on the first piece of information encountered.

Hougan attributes this disconnect to anchoring bias and argues that there's 'a large delta between what people think is happening in crypto and what is actually happening.' He sees this gap as an investment opportunity rather than a market failure. Hougan concludes that the structural shift in crypto is being mispriced.