Bitcoin fell below $100,000, its lowest level since June, raising concerns about whether a new "crypto winter" - a long-term bear market for cryptocurrencies - is in the offing every time the cryptocurrency falls sharply in a short period of time.
But Matt Hougan, chief investment officer at Bitwise, says that while retail investors are in a state of "maximum desperation", he believes this instead means a market bottom may be imminent rather than a distant one. With the support of bitcoin from Wall Street institutional investors, financial advisors, and the growth of cryptocurrency ETFs, he even went so far as to say that it is not impossible for bitcoin to hit a record high before the end of the year amid the current sharp sell-off.
"It's almost a tale of two markets," he said in an interview on Tuesday. "Crypto retail is in a state of maximum desperation. We're seeing leverage explode... sentiment in the crypto-native retail market is lower than I've ever seen it."
But Hougan believes that more crypto trading is gradually shifting to an institutional-dominated market, "and interestingly, the market remains bullish."
Bitwise CIO: Bitcoin retail investors are in a state of "extreme despair", but the crypto winter will not come
2025-11-05 00:26:40
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