Bitaigen Research 
Recently, several mainstream Wall Street financial institutions have publicly announced plans to incorporate blockchain and tokenization technologies into their operations. U.S. regulators and legislators are also actively cooperating to accelerate the rollout of related projects. While enthusiasm inside the crypto industry remains high, traditional investors still appear sluggish in perceiving this trend and often view it with skepticism.
Matt Hogan, Investment Director at Bitwise, points out that conventional capital markets have not yet fully recognized the profound impact crypto assets could have on the financial system. “Now may be an opportune moment to grasp the future shape of this technology,” he said in an interview. Hogan further emphasized that the tone on Wall Street has shifted: “Finance is moving comprehensively onto the chain, not just dabbling in isolated experiments.” Nonetheless, many traditional investors have yet to catch this wave.
He described that a portion of investors are still trapped by “anchoring bias,” clinging to early‑stage stereotypes of cryptocurrencies—as tools primarily for cryptography enthusiasts and the dark web. Hogan joked, “They still picture crypto as tattooed punks and skateboard kids, ignoring that those same people have now shaved their heads, put on suits, and are helping build the infrastructure that will underpin the next‑generation capital markets.”
In this article we compile recent public statements from Wall Street regarding blockchain and tokenization, and analyze why traditional investors continue to adopt a wait‑and‑see stance. By presenting the viewpoints of Bitwise executives, we illustrate the gap between internal industry perception and external awareness, helping readers understand the deeper logic behind institutional moves. Subsequent sections will further explore the interaction between regulation and the market.
Crypto Investors Have Not Registered This Shift
In Hogan’s view, even investors within the crypto space have failed to notice the structural transformation in time. In the past, a brief wave of institutional interest in crypto created a “cry‑wolf” effect, causing the latest round of institutional commitments to be dismissed as noise and to lose credibility.
At the same time, major financial players are gradually moving assets onto the chain under the “crypto‑project” framework led by the U.S. Securities and Exchange Commission (SEC). Paul Atkin, chair of the initiative, disclosed that the program is slated to launch in July with the goal of “propelling the U.S. financial market toward on‑chain transformation.” He added that the on‑chain tokenized asset value—including U.S. Treasury securities and commodities—has already approached $20 billion and is projected to more than quadruple by 2025.
The chart Hogan presented shows the growth curve of on‑chain tokenized assets as “steeper than Everest.” He noted that the amount of capital circulating in exchange‑traded funds, equities, and bond markets already totals several hundred trillion USD. Even if the market expands by a factor of ten thousand, there remains substantial upside potential.
Hogan also mentioned that BlackRock and Apollo Credit Management have launched multi‑billion‑dollar on‑chain tokenized funds, while large banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are actively negotiating stablecoin partnerships. He believes the discrepancy between external perception of crypto and the actual progress on the ground creates a significant opportunity for strategic positioning—not by hastily picking so‑called “winners,” but by taking a broader stance while the market has not yet fully priced in this structural shift.
These points summarize the core takeaways from the Bitwise report: Wall Street is increasing its support for crypto technology, yet investors overall remain cautious and skeptical. For deeper analysis of Wall Street’s interaction with cryptocurrencies, feel free to follow Bitaigen (BitRoot) and its related topics.
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