Bitwise Joins Crypto Layoffs with 14% Staff Cut Amid Market Slump

Bitwise Asset Management has laid off about 14% of its staff, trimming headcount to around 155 from 180 employees. The reduction comes as a prolonged slump in digital-asset prices continues to squeeze many crypto firms.

The move is part of a broader industry trend, with Coinbase also cutting 14% of its workforce earlier this year and exchanges Gemini, Crypto.com, and Kraken announcing staff reductions.

Bitwise's chief investment officer (CIO), Matt Hougan, disagrees with the notion that the market is in trouble. He believes the market is 'in the process of bottoming right now', citing a collapse in excess leverage across crypto derivatives markets and record stablecoin supply as signs of improvement.