Crypto grinding out a bottom as fundamentals diverge from price, Bitwise says

Bitwise argues that the current high level of investor anxiety in the crypto market mirrors historical recovery zones seen in 2018 and 2022, suggesting a bottom is near, despite a recent $2 trillion value wipeout since October 2025. CIO Matt Hougan highlighted that investors buying at the 2018 and 2022 lows saw massive returns, underscoring the long-term opportunity. The firm believes the fundamental case remains strong due to increasing digitalization, stablecoin ascendancy, tokenization, and Wall Street's integration with blockchain, even as price action suffered from macro headwinds like Fed policy shifts and ETF outflows. Bitwise anticipates the market will 'grind out a bottom' through exhaustion rather than a sudden rally, identifying potential catalysts like the CLARITY Act passage or rising interest rate-cut expectations.

(Source：CoinDesk)