Bitwise Chief Investment Officer Matt Hougan has expressed concerns that the market is underestimating key developments in the cryptocurrency sector. Hougan highlighted the potential for sovereign nations to acquire significant Bitcoin holdings in the near future and the possibility of the U.S. passing the Clarity Act by early 2026. He also pointed to the rapid growth of tokenization and stablecoins, as well as the rising trend of 'depreciation trades' expected by 2026, as areas where market expectations may fall short.