In a recent client memo, Bitwise CIOMatt Hougan pointed out a significant gap between investor perceptions of cryptocurrencies and the actual activities of financial institutions. He believes that due to anchoring bias, many investors remain stuck in outdated notions, failing to recognize the accelerating shift of financial markets towards on-chain infrastructure. Hougan cited tokenization projects from institutions like BlackRock, Apollo, and JPMorgan, emphasizing the massive size of traditional financial markets (ETFs approximately $30 trillion, stocks approximately $110 trillion), while tokenized assets currently represent only about $20 billion, indicating huge growth potential. He stated that this disconnect between perception and actual development may create opportunities for forward-thinking investors. (The Block)