Chainlink (LINK) surged 3% to trade around $24 on Monday, marking a beginning of a strong performance in September despite a broadly cautious crypto market.

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The rally was fueled by two significant announcements: a landmark U.S. government partnership to publish macroeconomic data on-chain and Bitwise’s filing for a spot Chainlink ETF with the SEC.

The U.S. Department of Commerce confirmed that the Bureau of Economic Analysis (BEA) will now release critical indicators such as GDP growth and the PCE Price Index directly across blockchain ecosystems like Ethereum, Arbitrum, and Optimism.

Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which already handled $130 million in transfers this week, will play a vital role in ensuring data reliability across networks.

Government Data Goes On-Chain

The ETF move positions Chainlink at the forefront of blockchain adoption by governments. Commerce Secretary Howard Lutnick believes that the decision indicates America’s growing commitment to digital innovation, noting that the first on-chain data point published was a 3.3% GDP growth figure.

Analysts believe the integration of government data could revolutionize sectors ranging from automated trading strategies to decentralized finance (DeFi) risk management.

Mike Cahill, founder of Douro Labs and a core contributor to Pyth Network, called the initiative “a new wave of transparency and innovation.

By bringing trusted government data on-chain, Chainlink strengthens its role as a backbone for blockchain-based financial products, real-time prediction markets, and tokenized asset platforms.

LINK's price trends to the upside on the daily chart. Source: LINKUSD on Tradingview

Chainlink (LINK) Price Forecast

From a technical perspective, Chainlink’s price action shows bullish momentum building near resistance levels. The token rebounded from $23 support last weekend and is now testing the $23.50–$24 resistance zone. A successful breakout above $25.50 could open the door for targets at $27.20 and $29.50, aligning with February’s highs.

However, analysts caution that a failure to hold above $24.20 may weaken the short-term outlook, potentially pushing LINK back toward the $23.00 support area. Still, with institutional interest rising after Bitwise’s ETF filing and government adoption underway, sentiment around Chainlink remains notably bullish.

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As one of the few altcoins outperforming in a market weighed down by Bitcoin’s pullback, Chainlink’s latest surge may be a sign of growing resilience, and possibly the start of a larger breakout.

Cover image from ChatGPT, LINKUSD on Tradingview

Bitwise Chief Investment Officer Matt Hougan said Solana could soon set new all-time highs, mirroring Bitcoin and Ethereum’s record runs earlier this year.

Hougan argued that SOL is set to benefit from the same forces that propelled BTC and ETH to new highs this cycle, namely exchange-traded fund (ETF) inflows, large capital firms entering the market, and simple, compelling narratives that resonate with investors.

He wrote in a social media post:

“The formula is simple: ETF fund flows + fund companies + a simple story = all-time highs. It applies to Bitcoin, it applies to Ethereum, it applies to Solana.”

Path to institutional adoption

Solana, a blockchain known for its high-speed processing and low transaction costs, has seen increasing developer activity across payments, gaming, and consumer-facing applications.

The network’s efficiency has helped position it as a potential alternative to Ethereum for decentralized applications, fueling speculation about the eventual approval of a spot Solana ETF in the US.

So far, Bitcoin and Ethereum ETFs have funneled billions of dollars into the market, with Bitcoin funds alone surpassing gold ETFs in daily volumes this summer.

Given its growing market capitalization and expanding ecosystem, many view Solana as the next logical step for institutional product offerings.

Hougan’s comments add weight to that view, suggesting that once fund vehicles are established, Solana could follow the same trajectory as its larger peers.

Outlook evolving

Bitwise has taken a long-term bullish stance on Solana, projecting in a detailed January report that the token could reach between $2,300 and $6,600 by 2030, depending on adoption scenarios. The firm based its estimates on Metcalfe’s Law, linking network growth to valuation.

To support investor access, Bitwise also launched a Solana Staking ETP in Europe, offering exposure to SOL with integrated staking rewards and signaling confidence in the blockchain’s scalability and growing ecosystem. It is also looking to launch a spot Solana ETF in the US, but the SEC has so far delayed its decision on the applications.

While the firm remains optimistic about Solana’s long-term role alongside Bitcoin and Ethereum, it has been more cautious on near-term price outlooks until now. Bitwise previously said it was unsure if SOL would reach new highs this year and called Bitcoin the “best horse in the race.”

This mix of ambitious long-range forecasts and tempered short-term expectations reflects Bitwise’s view of Solana as a high-potential but still maturing asset.

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The race for crypto ETFs is intensifying as two tokens, Chainlink (LINK) and XRP, come under scrutiny. Crypto asset manager Bitwise officially submitted paperwork with the U.S. Securities and Exchange Commission (SEC) on Tuesday, seeking to launch a Bitwise Chainlink ETF that provides investors with direct exposure to LINK, the native token of the oracle network.

Bitwise Pushes Forward With Chainlink ETF Filing

According to the S-1 filing, the fund will directly hold LINK, providing investors with a way to gain exposure to the token without having to purchase it directly on the open market. In practice, this means that investors can create shares using the LINK token and redeem their shares to receive LINK again, or they can complete the process in cash. Shares in the fund will also be issued and redeemed in cash, a Trust-Directed-Trade process that mirrors the structure of other spot ETFs.

The SEC has only recently begun to allow issuers to offer in-kind creation and redemption for crypto-based ETFs. The Bitwise Chainlink ETF application does not yet include a ticker symbol. It does not specify the exact listing venue. Still, Bitwise plans to list the fund on a U.S. national securities exchange after obtaining approval from the SEC. The paperwork, however, shows that Coinbase Custody Trust Company would act as the custodian for the LINK tokens and also serve as the prime execution agent.

Chainlink’s price action has already responded positively to the news of the Bitwise ETF application. The token is trading above $23 and has gained nearly 5% in the daily chart. Traders are now watching to see if LINK can extend its ETF momentum and push toward a price breakout to $30 if the cryptocurrency continues its uptrend.

Chainlink And XRP Battle For ETF Spotlight

While Chainlink is gaining attention with its ETF filing, XRP is not far behind in the race. Bitwise has filed amended S-1 forms for its XRP ETF, with key catalysts for possible SEC approval expected in October. The amendments to the XRP ETF filing were likely made in response to feedback from the SEC. 

If the XRP ETF follows a path similar to Ethereum’s, market experts predict approval could come first, with trading beginning about two months later. Meanwhile, if it follows the same pattern as Bitcoin ETFs, the most favorable outcome could see trading begin within just one to five days after approval, rather than waiting months.

With Bitwise filing for a LINK ETF and also pursuing an XRP product, both tokens are firmly in the spotlight and could soon compete directly as regulated investment products available through spot ETFs. 

XRP’s price action remains steady despite waiting for ETF approval. The token is hovering near $3.22 after recently climbing to $3.60. Traders are now watching to see if XRP can break out again as the ETF review process moves forward.

Featured image from DALL.E, chart from TradingView.com

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The chief investment officer of crypto asset management firm Bitwise, Matt Hougan, says traditional finance (TradFi) companies are on the hunt for higher returns in the cryptocurrency space.

In a new interview on The Wolf of All Streets, Hougan says that after making “tons of money” in Bitcoin exchange-traded funds (ETFs), TradFi firms are now seeking alternative opportunities in the industry.

“They made all this money. All this money flowed into Bitcoin. The price went up a 140%. And what are they going to do?

They’re going to rotate into like Kellogg’s [stock]? No, they’re going to rotate into Circle and Ethereum and treasury companies. And now ETH treasury companies. And now Solana treasury companies…

It’s going to go all the way. It’s altseason in TradFi for sure.”

The Bitwise CIO says the trend of investing in crypto treasury companies is in an early phase. According to Hougan, the trend is only going to accelerate in the coming months.

“And I know that’s counter to the media narrative, which feels like we’re peak bubble, we’re, you know, March 2000 in the internet. But we’re not. We’re 1998. Like, people are still just getting excited.

The amount of flow that comes through my inbox is incredible. And if you’re bullish about crypto generically, why would you think this trend stops? If I think Bitcoin is going to $200,000, do I think this treasury trend increases or decreases? It’s almost like a self-reinforcing loop until it gets overblown. And I don’t think we’re there yet.”

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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July 27, 2025

Bitwise chief investment officer Matt Hougan believes Bitcoin could break from its historical four-year cycle and post significant gains in 2026 — a call that diverges from mainstream expectations of a cycle peak later this year.

“I bet 2026 is an up year,” Hougan said in a video shared on X, adding, “I broadly think we’re in for a good few years.”

His remarks come as debate intensifies over whether the classic Bitcoin halving-driven model still holds.

Hougan Says Bitcoin Halving Cycle Losing Its Influence

According to Hougan, several factors are now overriding the influence of the halving cycle. He argued the impact of halvings weakens over time, as each one cuts rewards by a smaller absolute amount.

He also pointed to the broader macro environment, where U.S. presidential frontrunner Donald Trump is pressuring the Federal Reserve to cut interest rates, a move that could drive capital away from bonds and toward risk assets like Bitcoin.

“Blow-up risk is attenuated, due to improving regulation and the institutionalization of the space,” Hougan said, noting that clearer rules and expanding institutional involvement have reduced the likelihood of market shocks.

He added that ongoing adoption by traditional firms could extend Bitcoin’s bullish momentum well beyond historical timelines.

However, Hougan also flagged risks. He pointed to the rise of Bitcoin treasury companies — firms that buy BTC using debt or equity issuance — as a potential vulnerability.

Asset manager VanEck has echoed similar concerns, warning that such companies could be overleveraged if the market turns.

Despite those caveats, Hougan expects a more measured advance ahead. “I think it’s more ‘sustained steady boom’ than super-cycle,” he said, though he acknowledged the path forward will still include volatility.

Bitcoin is currently trading around $118,169, having climbed over 10% in the past month, according to Nansen.

Hougan’s view aligns with recent commentary from CryptoQuant CEO Ki Young Ju, who declared the four-year cycle “dead,” citing a shift in whale behavior.

“Old whales sell to new long-term whales. Institutional adoption is bigger than we thought,” Ju noted.

Bitcoin Could Peak in October If 2020 Cycle Repeats, Says Analyst

However, not everyone agrees. Crypto analyst Rekt Capital recently warned that if Bitcoin mirrors its 2020 cycle, the market could peak in October, 550 days after the April 2024 halving.

That would keep Bitcoin firmly within its historic rhythm, suggesting the debate over its future trajectory is far from settled.

Bitcoin’s strong performance and growing reputation as a store of value have led analyst Tom Lee to call it “Digital Gold,” with a bold long-term price forecast of $1 million.

Speaking on CNBC, Lee emphasized Bitcoin’s role as an emerging asset class that could challenge gold’s dominance.

He also pointed to recent regulatory progress, such as the approval of the GENIUS Act, as a positive sign for the crypto sector.

Lee believes a $200K–$250K Bitcoin price is achievable, representing just a fraction of gold’s market value.

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July 25, 2025

Bitwise Chief Investment Officer Matt Hougan says the long-observed four-year crypto cycle may no longer apply to the current market.

In a recent discussion with Bitcoin advocate Kyle Chassé and Bloomberg ETF analyst James Seyffart, Hougan argued that the historical pattern is breaking down, and a longer, more sustained growth phase could be on the horizon.

Traditionally, crypto markets have followed a four-year rhythm driven by Bitcoin’s halving events, shifting interest rates, and the cyclical blow-ups that have rattled the industry. But Hougan believes these drivers are now losing influence.

Matt Hougan Predicts ‘Sustained Boom’ for Crypto as Traditional Cycles Fade

In a follow-up post on X, Hougan pointed to the diminishing impact of the Bitcoin halving, noting that each one has half the effect of the last. “The halving is half as important every four years,” he said.

The rationale is simple: as block rewards diminish in absolute terms, their effect on overall market supply shrinks relative to the growing scale of the crypto economy. As such, halvings no longer serve as the singular driving force behind bullish market cycles.

He also noted how interest rate cycles, once a severe headwind for crypto in downturns like 2018 and 2022, are now acting as tailwinds, buoyed by a more stable and accommodative macro environment.

Hougan further emphasized that the risk of blowups, which had once controlled cycles in the crypto space, has been greatly reduced due to the shift to improved regulation and growing institutional involvement.

In place of the old cycle, Hougan sees new forces taking hold, ones that move on longer timelines and aren’t tied to halving years.

At the top of the list is the growing inflow of capital into crypto-related ETFs. That wave, which started in 2024, is just beginning, he said, and could last five to ten years.

Institutional adoption is another key trend. Hougan said pensions, endowments, and national account platforms are only starting to embrace crypto exposure. He expects that trend to accelerate as more crypto ETFs win approval.

He also pointed to progress on the regulatory front. In his view, January 2025 marked the beginning of a new era of policymaking for the industry. Hougan cited the passage of the GENIUS Act earlier this month as a major shift.

The legislation has opened the door for Wall Street to begin building financial products around crypto, he said, predicting that banks will invest billions over the coming years.

In his post, Hougan added that new developments such as the rise of crypto treasury firms holding Bitcoin on their balance sheets are shaping a different kind of cycle. He believes these emerging patterns won’t follow the sharp booms and busts of the past.

“I think it’s more of a sustained steady boom than a supercycle,” Hougan wrote. “The long-term pro-crypto forces will overwhelm the classic four-year cycle forces.”

Looking ahead, he believes 2026 will be a strong year for crypto, although he warned that volatility is still expected.

Bitwise CIO Sees Bitcoin on Path to $1M Amid Policy Shifts and Growing Institutional Support

This is not the first time Hougan has believed that Bitcoin has entered a new phase of institutional adoption, marked by major shifts in finance and policy.

On December 13, 2024, Hougan pointed to several key developments signaling this shift: BlackRock’s suggested 2% portfolio allocation to Bitcoin, the rapid uptake of spot Bitcoin ETFs, and growing public support from financial leaders like Ray Dalio.

He also noted the increasing political acceptance of crypto, noting President Donald Trump’s vocal backing of Bitcoin and his appearance at a major industry event.

Forward to this year, Hougan predicted Bitcoin could reach $200,000 by the end of 2025, driven by demand from sovereign wealth funds, public companies, and institutional investors.

“The final barrier fell when governments became holders,” he said. “Bitcoin’s survival was no longer in doubt; growth became the focus.”

Hougan maintains that Bitcoin is now in a new phase, less speculative and more institutional and structural.