Matt Hougan bullish on ETH, UNI & AVAX as SEC signals friendlier crypto rules | Credit: Veronica Cestari
Share
Key Takeaways
Bitwise CIO says the SEC’s “Project Crypto” reclassification of most coins as non‑securities could trigger a risk‑on rally.
On‑chain and technical indicators show that ETH’s price could reach $5,400, while UNI has a buy wall at $8.92.
AVAX seems to be repeating a historical breakout pattern that could help the altcoin move between $42 and $95.
Matt Hougan, Chief Investment Officer (CIO) at Bitwise, believes the SEC’s pro‑crypto regulatory pivot could flip today’s cautious market into a full‑blown risk‑on frenzy.
According to Hougan, the biggest winners will be select coins with strong fundamentals.
In this analysis, CCN reveals what Hougan had to say on the regulator’s changing stance toward the crypto ecosystem. We also reveal his 10x altcoin picks and determine whether such predictions can realistically come to pass.
Hougan’s Position
The Bitwise CIO’s bullish stance stems from the launch of “Project Crypto,” an America First policy initiative spearheaded by SEC Chair Paul Atkins.
As CCN previously reported, the plan would see the agency formally declare most cryptocurrencies as not securities.
This sweeping reclassification could dismantle one of the regulatory barriers holding back institutional adoption.
If implemented, this move could unlock a wave of capital inflows into the sector, fueling the kind of risk‑on environment Hougan believes could produce multiple 10x winners.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
In his post shared on Aug. 5, Hougan noted that Ethereum (ETH) will be one of the biggest beneficiaries of the development.
He added that the pro-crypto stance is not priced in, and as such, ETH’s price could trade much higher.
The CIO also disclosed that several tokens of some layer-1 blockchains could benefit from the initiative besides Ethereum.
“The first and most obvious opportunity is to invest in Ethereum and other Layer-1 blockchains that support stablecoins and tokenization. It doesn’t take a genius to see it: If substantially all assets are going to move onto public blockchains, you want exposure to those blockchains. Which ones? The best approach is likely to buy a basket of the leading assets: Ethereum, Solana, Cardano, XRP, Avalanche, Aptos, Sui, NEAR, etc,” Hougan opined.
A closer look at Hougan’s analysis reveals that he believes tokens with strong Decentralized Finance (DeFi) fundamentals—including those previously targeted as securities—could be among the biggest winners of the SEC’s “Project Crypto” pivot.
At the top of his list is Uniswap (UNI), which has had a long history of friction with the former SEC leadership under Gary Gensler. Hougan argues that a friendlier regulatory climate could remove the cloud hanging over UNI.
He also pointed to Aave (AAVE) and Hyperliquid (HYPE) as other altcoins that could gain. But the big question is: Do on‑chain metrics and technical setups support the CIO’s bullish thesis?
We’ll break down the current conditions for ETH, UNI, and AVAX —three cryptos whose price action and network activity could determine whether this rally narrative holds water.
Ethereum (ETH)
Out of ETH, UNI, and AVAX, CCN examines the position of the second-largest cryptocurrency.
Over the past month, Ethereum’s price has climbed more than 40%, though it failed to break $4,000 and still trades about 25% below its all‑time high.
A key driver of this rally has been surging institutional demand, with Ethereum ETFs posting inflows for seven consecutive weeks.
These consistent inflows have helped reinforce ETH’s uptrend and attract additional retail interest.
More recently, ETF inflows have slowed, but crucially, they have not flipped to outflows. If this remains the same, ETH’s price might rebound from $3,636 in the coming weeks.
We analyzed the Pi Cycle Top Indicator from an on-chain perspective to gauge how high Ethereum (ETH) could run in the current market.
The Pi Cycle combines two moving averages. These include the 111‑day simple moving average (111SMA) and 2× the 350‑day simple moving average (350SMA × 2).
It signals overheating when the shorter 111SMA meets or crosses the longer 350SMA × 2.
The 111SMA is still well below the 350SMA × 2, meaning ETH has not yet reached the overheated zone. Based on the chart, the model suggests ETH could climb to around $5,400 before this cycle tops out.
While that’s not a 10x gain from current levels, it reinforces Matt Hougan’s view that the market has yet to price in the SEC’s pro‑crypto pivot. It also suggests that the real upside could unfold over multi‑year cycles.
Uniswap (UNI)
Like ETH, UNI posted solid gains in July. However, its market value has slipped back below $10.
On‑chain data from the In/Out of Money Around Price (IOMAP) shows strong support at $8.92. Over 5,000 addresses acquired roughly 46.25 million UNI tokens at this level and are still in unrealized profits.
This concentration of profitable holders could act as a buy wall, making $8.92 a critical zone to watch. As long as selling pressure does not increase, Uniswap’s price will likely break the resistance between $11.11 and $19.09.
If this is the case, the altcoin’s value could rise above $30 in the long term. However, to achieve a 1000% hike from here, UNI might need intense demand, and this might only happen in some years.
UNI In/Out of Money Around Price | Credit: IntoTheBlock
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
