The recent drop from $BTC its all-time high of USD 126,000 to levels below USD 70,000 has generated uncertainty among traders and investors, fueling fears of a new crypto winter. However, Matt Hougan, Chief Investment Officer of Bitwise, presents a different perspective: this bear market did not start recently, but in January 2025. According to his analysis, the market deterioration has been occurring gradually, partly masked by the strong influx of institutional capital, especially through ETFs that absorbed enormous selling pressure. While retail sentiment weakened, institutional backing prevented deeper declines, evidencing a silent transition that is now beginning to be visible to all.
The most relevant aspect of this vision is its strategic implication: if the bear cycle began earlier than the market perceives, it could also be closer to its end. Historically, the #criptoinvierno have lasted around 13 months and tend to conclude amid widespread pessimism, just when most people lose hope. Despite the current pressure, the fundamentals continue to strengthen with advances in regulation, adoption, and institutional participation. In this context, the market could be accumulating the necessary energy for its next decisive move, reminding investors that, in the crypto ecosystem, moments of greatest uncertainty often precede the most significant opportunities.
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