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Matt Hougan, CIO of Bitwise, has outlined nine major narratives driving the future of crypto, which could shape the next bull market cycle. These narratives focus on key developments like AI, tokenization, institutional adoption, and more. Here's a summary of the narratives he's tracking:Revenue-Generating Projects: Blockchain is set to scale significantly, with revenue-generating projects poised to be rewarded in the next cycle.AiFi (AI + Crypto): AI agents will increasingly use crypto, stablecoins, and DeFi, offering enormous growth potential.Fading Fiat: With fiat currencies losing value, cryptocurrencies like Bitcoin are seen as an alternative store of value.Institutional Adoption: The next decade will witness significant institutional crypto adoption, measured in trillions.Regulatory Progress: Positive regulations will drive mainstream adoption, with key regulations like the Genius Act coming into effect in 2027.Stablecoin Supercycle: Stablecoins will become the backbone of global payments, growing from $300 billion to trillions in the coming years.Tokenization: Tokenizing traditional assets (equities, bonds, real estate) will revolutionize the market, where we've barely scratched the surface.DeFi Resurgence: As the world becomes tokenized, DeFi will grow exponentially as protocols improve with clearer regulations.Ethereum's Steve Jobs Moment: Vitalik Buterin's return to Ethereum marks a key turning point, similar to Steve Jobs’ return to Apple.While Hougan acknowledges that not all of these narratives may work out, he remains optimistic about the future, highlighting a promising few years ahead for crypto.