Bitwise CIO says Binance’s $6.3B hack is unlikely to have lasting impact on Bitcoin

Matt Hougan says Bitcoin, Ether, and Solana held steady after the US midterms while $TRUMP and $WLFI slid The US midterm elections wrapped on November 3, 2026. By the next day, the crypto tokens most tied to politics were heading south, while the biggest names in the market barely moved. Bitwise Chief Investment Officer Matt Hougan sees that split as a sign the industry is growing up. Crypto used to move as one herd. This time, the herd scattered. Election tokens fall, majors hold the line On November 4, 2026, Hougan pointed to declines in two election-tied tokens, $TRUMP and $WLFI. Over the same stretch, Bitcoin, Ether, and Solana stayed stable. That combination is the core of his argument. Tokens whose value hinges on a specific political outcome reacted to the vote. The assets that make up the backbone of the market did not. Hougan framed this decoupling as a meaningful break from crypto’s past. For years, digital assets tended to rise and fall together, pushed around by broad market mood rather than anything specific to each token. Bitcoin as the shock absorber Hougan went further on Bitcoin specifically. He argued that the asset has effectively absorbed the kind of volatility ...