The Daily: Bitwise CIO on the ‘Leonardo-DiCaprio-in-The-Revenant-style crypto winter,’ Vitalik reconsiders Ethereum’s rollup-centric roadmap, and more
Bitwise's CIO discusses a masked crypto winter, Tether launches a Bitcoin mining OS, and Vitalik Buterin reevaluates Ethereum's roadmap.Summary
Bitwise Chief Investment Officer Matt Hougan described the current prolonged crypto downturn since early 2025 as a "Leonardo-DiCaprio-in-The-Revenant-style crypto winter," noting that institutional ETF and treasury flows masked the true severity of losses. Despite Bitcoin being down significantly from its peak, Hougan suggests the market is nearer the end of this downturn than the beginning, citing regulatory progress and institutional adoption.
In other news, Tether launched MiningOS (MOS), an open-source operating system for managing Bitcoin mining operations, aiming to challenge proprietary software. Meanwhile, Vitalik Buterin stated that Ethereum's rollup-centric roadmap no longer makes sense, as Layer 2s have decentralized slower than expected while the base layer has advanced, suggesting a renewed focus on base-layer upgrades like enshrined ZK-EVM proofs.
Additionally, Bernstein analysts believe Robinhood can offset downside risks from a crypto slowdown due to its diversified revenue streams. Elon Musk's xAI is also recruiting a crypto expert amid the SpaceX merger.
(Source：The Block)