10 to 100 times — that's Bitwise CIO Matt Hougan's estimate of just how underestimated blockchain transaction activity really is.
Hougan says that as tokenized markets keep expanding, investors may be underestimating the scale of on-chain transaction activity, with the gap potentially ranging from 10x to 100x.
He ties this estimate to the collision between AI agents and tokenized markets — as automated programs start taking over trading processes once handled by humans, the way we count on-chain activity may no longer keep pace with what's actually happening.
For now, the publicly available information is limited to Hougan's estimate itself, with no more detailed data models or calculation methods disclosed.
