Bitwise CIO Says Bitcoin Downtrend Likely Ended As ETF Demand Supports Recovery

Matt Hougan, chief investment officer at Bitwise Asset Management, argues that a major downturn in much of the crypto market played out last year even while leading coins looked more resilient. He highlights strong ETF and corporate demand that absorbed new Bitcoin supply and compares this pattern to gold, while expecting the next cycle to favor altcoin projects with real usage as Bitcoin trades around the 60,000–65,000 range before rebounding above 65,000.