Bitwise Cuts Staff Amid Crypto Market Challenges

Bitwise Asset Management has cut its workforce by 14%, shedding approximately 25 employees due to ongoing challenges in the crypto market, despite growing client assets.

This move aligns with similar layoffs at major crypto firms like Coinbase and Gemini amid a prolonged price slump and regulatory uncertainty.

Despite these challenges, Bitwise's CIO Matt Hougan believes that Bitcoin is currently bottoming out, citing reduced leverage in crypto markets and record stablecoin supply as positive signs.