Are Ethereum and Solana Useless for Tokenization? Bitwise CEO Shares Hot Take Amid RWA Boom

Because the tokenization growth and a elementary reassessment of the position of public blockchains go on, Bitwise CEO Hunter Horsley shared his “sizzling take” on the utility of Ethereum and Solana. Regardless of skepticism towards cryptocurrencies in the summertime of 2026, the fund’s chief mounted a forceful protection of the main networks, calling doubts in regards to the worth of their native tokens a repetition of Wall Road’s largest historic errors.

The top of one of many largest crypto funds immediately said that the try and separate RWA infrastructure from the financial worth of base-layer cash is solely the “2026 model of the ‘blockchain, not Bitcoin’ thesis”.

Bitwise CEO calls out the market’s largest mistake

The business has irreversibly entered an “on-chain versus off-chain” section, and trying to develop tokenized property whereas denying the worth of native tokens is an outdated psychological error of the market, Horsley contends.

Contemporary information from analytics platform RWA.xyz clearly helps this place. The main networks now successfully host practically all the international real-world asset infrastructure:

• Ethereum is absolutely the chief, with $15.5 billion in distributed worth throughout 915 tasks.
• Solana ranks third, with $3.0 billion and already 707 lively merchandise.

Any transactions, dividend distributions, or transfers of tokenized shares inside these huge ecosystems are technically inconceivable with out using $ETH and $SOL. The cash are spent on fuel and safe the networks by staking, which means their worth is immediately tied to the expansion of the tokenization sector.

Nevertheless, behind this public protection of the giants lies a practical industrial curiosity and a wager on various infrastructure. Bitwise has its personal favourite on this race — Hyperliquid.

Whereas conventional on-chain tokenization stays stalled by compliance necessities, decentralized buying and selling platform Hyperliquid, in whose improvement the fund has a direct curiosity, is demonstrating explosive enlargement.

In accordance with the platform’s newest reviews, open curiosity in RWA derivatives on Hyperliquid has reached a file $3.6 billion. By this metric, the specialised blockchain alone has surpassed all the spot RWA market on Solana, valued at $3.0 billion, whereas the trade’s complete open curiosity has reached an all-time excessive of $11 billion.

By defending the economics of $ETH and $SOL in opposition to superficial interpretations, Bitwise is skillfully directing investor consideration towards extra versatile infrastructure options, and the fund’s capital construction reveals that Hyperliquid is turning into their main instrument for extracting most worth from the altering construction of the crypto market.