Bitwise Execs See Bottom in Bitcoin Market

Bitwise Executives Believe Bitcoin Has Hit a Bottom

In an interview on The Rollup podcast, Matt Hougan, Chief Investment Officer at Bitwise, and Ryan Rasmussen, Head of Research at Bitwise, shared their insights on the current state of the cryptocurrency market.

According to them, the recent decline in Bitcoin's price has been largely due to institutional investors selling off their holdings. However, they believe that this selloff has already occurred, leaving only long-term holders who are committed to holding onto their coins. The executives pointed out that despite various negative events such as Saylor selling Bitcoin and a $100 million cold wallet theft, the price of Bitcoin remained stable.

The Bitwise executives also discussed the upcoming bull market, which they believe will be bifurcated into two distinct markets. Institutional capital will focus on mainstream assets like Bitcoin and Ethereum, while on-chain native capital will bet on DeFi applications with real revenue.