Bitwise Chief Investment Officer Matt Hougan has released a new analysis of 
the current state of the crypto market, arguing that the industry has been 
firmly entrenched in a bear market for over a year. In a report shared on 
social media, Hougan stated that his research indicates the current downturn 
began as early as January 2025, despite widespread optimism fueled by 
institutional adoption, regulatory progress, and Bitcoin’s (BTC) rally to new 
all-time highs. Deep Bear Market Driving Crypto? Posting on X, formerly 
Twitter, Hougan pushed back against the idea that recent price weakness 
represents a routine pullback or short‑term dip. Instead, he described the 
current environment as a full‑scale crypto winter comparable to past downturns 
in 2018 and 2022. Interestingly, Hougan said the crypto market currently 
resembles a “2022‑like, Leonardo‑DiCaprio‑in‑The‑Revenant‑style” winter, 
driven by excessive leverage built up during the prior cycle and heavy 
profit‑taking by long‑time crypto holders. Related Reading: What’s Next For 
Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000? 
Hougan addressed a question many investors have been asking: why prices 
continue to fall despite a steady stream of positive developments. He pointed 
to expanding institutional involvement, improving regulation, and broader 
adoption as clear long‑term positives, but said none of that typically matters 
during the deepest phase of a bear market. According to Hougan, crypto winters 
are periods when good news is largely ignored, regardless of its significance. 
Even developments such as Wall Street firms hiring aggressively or major banks 
like Morgan Stanley increasing their crypto exposure are unlikely to spark a 
rally in the short term. He also cited market sentiment indicators to support 
his view. Hougan noted that the Crypto Fear and Greed Index remains near 
historically high levels of fear, even as the newly appointed Federal Reserve 
(Fed) chair is publicly supportive of Bitcoin. To him, this disconnect 
underscores how deeply negative sentiment has become. Drawing on past cycles, 
Hougan said crypto winters rarely end with renewed excitement or optimism. 
Instead, they typically conclude when investors are exhausted and disengaged. 
ETF Support Propped Up Bitcoin? Looking to history, Hougan observed that 
previous crypto winters have lasted roughly 13 months. Bitcoin reached its 
peak in December 2017 before bottoming a year later, and again peaked in 
October 2021 before hitting its low point in November 2022. By that measure, 
the current cycle might suggest more pain ahead, particularly since Bitcoin 
peaked again in October 2025. However, Hougan argued that focusing solely on 
that date misses a critical detail. In his view, the current winter actually 
began in January 2025 but was partially hidden by extraordinary institutional 
inflows. He said strong demand from exchange‑traded funds (ETFs) and Digital 
Asset Treasuries (DATs) masked underlying weakness across much of the crypto 
market. Hougan emphasized the scale of institutional support for Bitcoin in 
particular, calling it unprecedented. During the period he analyzed, ETFs and 
DATs collectively purchased more than 744,000 BTC, representing roughly $75 
billion in buying pressure. He suggested that without this support, BTC’s 
price could have fallen by as much as 60%. Related Reading: Hyperliquid 
Unveils HIP‑4, Sending HYPE 14% Higher On Outcome Trading Plans Despite this, 
Bitwise CIO suggested several possible catalysts that could help lift 
sentiment and mark the beginning of a crypto recovery, including strong global 
economic growth that reignites risk appetite, progress on the CLARITY Act, 
early signs of sovereign adoption of Bitcoin, or simply the passage of time. 
Reflecting on his experience through multiple crypto market cycles, he said 
the current mood of despair, fatigue, and malaise closely resembles the final 
stages of past crypto winters. Featured image from OpenArt, chart from 
TradingView.com

Bitwise CIO Warns Market Is Facing A ‘Full-Bore’ Crypto Winter, Not A Pullback

Binance&#8217;s Bitcoin conversion for SAFU may enhance user trust and market 
stability, reflecting a strategic shift towards decentralized assets.
The post Binance completes second batch of Bitcoin conversion, acquires $100M 
in BTC appeared first on Crypto Briefing.

Binance completes second batch of Bitcoin conversion, acquires $100M in BTC

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