Why Ethereum might lead next rally: Matt Hougan points to a catalyst investors are ignoring Crypto News

on November 23, 2025
Why Ethereum might lead next rally: Matt Hougan points to a catalyst investors are ignoring
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Published on November 23, 2025 22:45 GMT+05:00edited on November 23, 2025 22:49 GMT+05:00

Bitwise CIO Matt Hougan believes Ethereum could lead the next crypto rally, pointing to an upgrade catalyst that investors are overlooking.

Summary
  • Bitwise CIO Matt Hougan says Ethereum could lead next crypto rally with Fusaka upgrade.
  • The December 3 Fusaka upgrade introduces minimum Layer 2 data fee for revenue capture.
  • Hougan sees tokens shifting to value capture with Uniswap proposing fee switch model.

The Fusaka upgrade scheduled for December 3 may increase Ethereum’s revenue capture by 5 to 10 times through a minimum Layer 2 data fee.

Hougan argues the market is missing a broader trend: major tokens are quickly shifting toward better value capture. Uniswap (UNI) is moving toward a fee switch that would burn roughly 16% of trading fees, while the …

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