Why is the four-year cycle dead? 1) The forces that have created prior four-year cycles are weaker: i) The halving is half as important every four years; ii) The interest rate cycle is positive for crypto, not negative (as it was in 2018 and 2022); iii) Blow-up risk is attenuated, due to improving regulation and the institutionalization of the space; The biggest emergent cyclical-style risk is the rise of Treasury companies, which bears watching and is significant. 2) There are bigger forces moving on timelines that don't sync with the prior four-year cycle: i) The movement of assets into ETFs is a 5-10 year trend. It started in 2024; ii) Broader institutional adoption is just getting started (ETFs still being approved on national account platforms, pensions and endowments just now considering crypto, etc.) iii) Regulatory progress began in earnest in January 2025 and will run for multiple years; iv) Wall Street is just now starting to build on crypto, and will invest billions in the quarters and years to come. This started in earnest with the passage of the Genius Act this month. All this suggests to me that the long-term pro-crypto forces will overwhelm the classic "four-year cycle" forces, to the extent those exist, and that 2026 will be a good year. I could be wrong, and I'm certain there will be significant volatility. And I think it's more "sustained steady boom" than super-cycle. But I broadly think we're in for a good few years. Great convo with @kyle_chasse

Guys this is legendary

We’re pleased to share the July 2025 monthly distribution rates for the following Bitwise Funds Trust ETFs. The Funds’ inception dates are: for ICOI, IMST, and IMRA, April 1, 2025; for IGME, June 9, 2025. Performance is shown as of July 23, 2025. The Distribution Rate shown is as of 4 p.m. ET on July 24, 2025. The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. The Return of Capital percentage is the estimated portion of the distribution that represents an investor's original investment. Future distributions may differ significantly and are not guaranteed. The 30-day SEC yield reflects the dividends and interest earned during the previous month, after deducting the fund’s expenses. This is also referred to as the “standardized yield” and provides an annualized estimate of what an investor would earn in yield over a 12-month period, assuming the fund continues to earn at the same rate. Performance data quoted represents past performance and is no guarantee of future results. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the original cost. Returns for periods of one year or less are not annualized. For the most recent month-end performance, please call 1-415-707-3663. For prospectus & risk disclosures, visit: for Bitwise COIN Option Income Strategy ETF, for Bitwise GME Option Income Strategy ETF, for Bitwise MARA Option Income Strategy ETF, for Bitwise MSTR Option Income Strategy ETF, The Funds do not invest directly in shares of COIN, GME, MARA, or MSTR. Each Fund's strategy is subject to all the potential losses of the underlying security.

Every other sector: diluted coffee after four hours of back-to-back meetings. Crypto Equities: the triple-shot espresso that rewires your financial neurons.

YOU: I wish there were like 10 charts that told me the biggest stories in crypto today. BITWISE: Good news. (a 🧵) No. 1: Spot Bitcoin ETPs are gobbling up way more bitcoin than the kitchen is making.

Since mid-May: 2.83M ETH bought by ETPs and public companies 89K ETH issued by the network That’s 32x more demand than supply. That’s why ETH is soaring.

We're going deep on treasury companies this week with @dgt10011 🧑‍🍳🧑‍🍳🧑‍🍳

Over the past year, #BTC has left #ETH behind in its dust. But more recently, ETH has fast been making up lost ground gaining 65% in the past month and over 160% since April. The question is - what is behind ETH's recent stellar price performance and is it sustainable? In his thread, Bitwise CIO @Matt_Hougan answers that question:

Stablecoins have hit escape velocity, and are accelerating into mainstream commercialization.

A short story of supply and demand: - Bitcoin produced in Q2: 41,000 - Bitcoin bought by companies in Q2: 159,000 - Bitcoin price change in Q2: +31% The End