Bitwise CEO Hunter Horsley says crypto is moving through a dot-com-style shakeout where fewer projects survive, but the strongest networks may become larger and more durable than early market expectations. In an X post, Horsley compared today’s crypto market with the internet boom of the 1990s, when hundreds of companies reached $500 million to $1 billion valuations because investors believed almost every internet idea could work. By the early 2000s, that broad optimism had collapsed, leaving a smaller group of companies that had proven value through users, revenue, distribution and execution.