Matt Hougan, chief investment officer at Bitwise, said in a recent interview that although the cryptocurrency market is currently in a slump and many proponents of decentralized finance (DeFi) are moving away from counterfeit products, Bitwise remains optimistic about DeFi-related tokens. Hougan believes that the DeFi space is currently "grossly undervalued", noting that Layer-1 blockchain projects such as Sui and Aptos "perfectly fit" the criteria for attracting institutional investors. He noted that these projects, led by former Meta stablecoin team members, have "serious teams, serious technology and technological innovation", which are important considerations for Bitwise when selecting funds to hold assets. In addition, Hougan also mentioned that Bitwise has submitted an application to launch the Aptos ETF this month, but he did not disclose whether there are plans to apply for a similar fund for SUI. Nonetheless, he believes that the launch of SUI and APT ETFs in the United States may attract new investment into these counterfeit products.