**Ethereum's Future: A Contrarian Bet?**

Ethereum might be in a rough patch, but Bitwise's CIO, Matt Hougan, believes doubters will look "silly" soon. Despite negative sentiment and ETH/BTC ratio hitting a three-year low, Hougan highlights Ethereum's dominance: it hosts 50% of stablecoins and 60% of DeFi assets.

At Singapore's TOKEN2049, Ethereum still grabbed significant attention. With over 37,800 GitHub commits from 2,615 developers last week, Ethereum is far from stagnant.

Hougan predicts Ethereum will be the go-to for future blockchain projects, likening it to "the Microsoft of blockchains." Despite current challenges, he sees potential for a market reevaluation, especially with the upcoming U.S. presidential election possibly bringing regulatory clarity.