Bitwise’s Matt Hougan says tokens are getting better at returning value to holders, and Ethereum's Fusako upgrade could “increase token value capture.” Crypto tokens are becoming increasingly efficient at capturing value, thanks in part to new regulations and upgrades, which could send prices surging in 2026, according to Bitwise chief investment officer Matt Hougan. Hougan said in an X post on Saturday that in the chaos of the current market pullback, big news is getting lost, such as the level of value capture in digital assets trending upward. “Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices,” he said. Read more Bitwise’s Matt Hougan says tokens are getting better at returning value to holders, and Ethereum's Fusako upgrade could “increase token value capture.” Crypto tokens are becoming increasingly efficient at capturing value, thanks in part to new regulations and upgrades, which could send prices surging in 2026, according to Bitwise chief investment officer Matt Hougan. Hougan said in an X post on Saturday that in the chaos of the current market pullback, big news is getting lost, such as the level of value capture in digital assets trending upward. “Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices,” he said. Read more