In a note to clients, Matt Hougan, chief investment officer at Bitwise, stated that there is currently an interesting dichotomy between institutional and retail investors in the cryptocurrency space: on the one hand, institutional investor sentiment towards cryptocurrencies is the most optimistic in history, while retail investors are in despair. Investment professionals now see cryptocurrencies as an area where institutional capital is allocated in record amounts through ETFs; however for retail investors, it is almost like living in an alternate reality, with Bitwise's own on-chain sentiment score showing that it is currently one of the lowest readings ever recorded. Matt Hougan says he firmly believes institutions are right, and so far this year, ETFs and corporates have purchased more than 100,000 BTC, while the number of BTC mined is 18,000. And in the long run, the allocation of counterfeit products is stronger than at any time in history, but the situation with counterfeit products is more complex. With a clear regulatory agenda, the United States making stablecoins a "national priority" and increasing institutional confidence, the crypto industry is bound to bring DeFi applications to the masses. The impact will be self-evident and overwhelming.