Bitwise CIO Claims Crypto Winter Began in 2025—Now the Question Is When It Ends
Bitwise CIO Matt Hougan asserts the crypto winter started in January 2025, masked by institutional inflows, and questions when the downturn will conclude.Summary
Matt Hougan, CIO at Bitwise Asset Management, argues that the crypto market is in a "full-blown crypto winter" that began in January 2025, despite heavy institutional inflows masking the severity of the downturn for assets like Bitcoin and Ethereum. He notes that assets lacking institutional support have seen declines of 60% to 75%, contrasting with the more modest drops in institutionally favored tokens. Hougan believes good news has little impact during the depths of winter, which ends in exhaustion, not excitement. Historically, these winters last about 13 months, suggesting a potential end is near if his January 2025 start date is correct. However, Julio Moreno of CryptoQuant disputes this timeline, arguing the bear market only began in November 2025 after Bitcoin's October all-time high, projecting a potential end in Q3 2026.
(Source：BeInCrypto)