Bitwise’s chief investment officer praised DeFi platforms for their resilience during the weekend fallout, calling the market’s recovery a sign of strength.
The crypto market faced its biggest leveraged wipeout in history last weekend, but the turbulence won’t leave a lasting mark, according to Bitwise chief investment officer Matt Hougan.
In a Tuesday blog post, Hougan described the sharp drop as “a blip” and not a big deal. He added that crypto “got a passing grade” in its handling of the sell-off.
“Many DeFi platforms performed flawlessly: Uniswap, Hyperliquid, Aave and others reported no losses,” he wrote, while noting that Binance and some other exchanges faced issues. “Taken together, crypto did as well or better than traditional markets would have done in the same situation,” he said.
