Bitwise argues crypto is near the end of a brutal winter
Bitwise suggests the current crypto bear market, active since January 2025, is nearing its end based on historical patterns.Summary
Asset manager Bitwise argues that the cryptocurrency market has been in a severe bear market, or "crypto winter," since January 2025, despite institutional flows masking the extent of the decline.
Bitwise CIO Matt Hougan notes that the current downturn, characterized by significant price drops across many tokens, resembles the 2022-style collapse driven by excess leverage. He explains that the market's indifference to positive news like regulatory progress or institutional adoption is typical of the late stages of a crypto winter, which historically ends quietly when seller exhaustion sets in.
Institutional activity, particularly inflows into spot Bitcoin ETFs, absorbed substantial selling pressure, preventing steeper losses for major assets while retail-focused tokens fell significantly more. Bitwise believes that underlying fundamentals, such as regulatory momentum and Wall Street adoption, remain strong, building latent pressure for a sharp recovery once market sentiment shifts.
(Source：CoinDesk)