Ethereum is going through a tough time! Market sentiment is negative, performance is weak, and competition from new blockchains like Solana is increasing. However, Bitwise CIO Matt Hougan believes Ethereum will be a long-term winner thanks to its strong fundamentals in key sectors like stablecoins and DeFi. 🏆

Hougan notes that Ethereum has the most active developers and users, and is the only programmable blockchain with some regulatory support in the US. While Solana and other chains have been influential, he emphasizes that Ethereum’s real-world success should not be ignored.

Hougan believes that with the upcoming US elections and regulatory clarity, Ethereum’s long-term potential may be reevaluated. Despite the current challenges, he predicts that Ethereum’s fundamentals are strong and could recover by the end of the year. 🚀