On August 13, Matt Hougan, the Chief Investment Officer at Bitwise, stated during an interview with Bloomberg that bitcoin might have already touched the bottom of its current bear market cycle. He based this assessment on the observation that the digital asset has not experienced a notable price decline despite a wave of negative news hitting the market in quick succession. Specifically, he cited a hack that affected Coldcard wallet, as well as the sale of bitcoin by Strategy. He also mentioned the stalled progress of the CLARITY Act as another headwind. In Hougan's view, the market's ability to shrug off such bearish developments is a typical indication that the bear market is nearing its end. He also expressed expectations that institutional inflows could act as the next catalyst for upward movement, mentioning the approval of crypto ETFs on wealth-management platforms as a potential trigger. Hougan emphasized that when markets stop reacting to bad news, it often signals that the majority of selling pressure has already been absorbed by the market. The interview was conducted by Bloomberg. Overall, Hougan's remarks paint a picture of a market that may be bottoming out, with resilience to negative headlines seen as a constructive sign.
Matt Hougan, chief investment officer at Bitwise, said in a Bloomberg interview on August 13 that bitcoin may have reached the bottom of its bear market. He pointed to the absence of a significant price slide despite several recent negatives, including a hack on Coldcard wallet, the sale of bitcoin by Strategy, and setbacks in the CLARITY Act's progress.
Hougan told Bloomberg that the market's indifference to bad news is often a signal that a bear market is ending. He also said institutional inflows — such as wealth-management platforms approving crypto ETFs — are likely to provide the next catalyst for a rally.
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