Bitwise Says Fusaka Improves Ethereum UX But Falls Short on Revenue Expectations

Crypto asset manager Bitwise is dialing back expectations that Ethereum’s Fusaka upgrade would meaningfully lift network revenue, according to a new research report from the firm, published on Jan. 28. The findings fall short of earlier bullish projections from Bitwise’s own chief investment officer, Matt Hougan.

In November, Hougan wrote in an X thread that Fusaka could drive a “5-10x” increase in Ethereum’s revenue capture, calling it “under-appreciated catalyst and one reason ETH could lead the crypto rebound.” However, new data from Bitwise tells a far less bullish story.

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