en.bitcoinsistemi.com
Following the sharp declines in Bitcoin and altcoins in the cryptocurrency market, Matt Hougan, CIO of Bitwise Asset Management, made some noteworthy statements.
Hougan said in a meeting that a major brokerage firm views the current pullback as an “opportunity, not a threat.”
According to Hougan, almost all of the institution’s clients currently have 0% exposure to crypto. However, the institution aims to increase this to 2%. This indicates that institutional investors see price dips as an entry point for long-term positioning.
Hougan argued that the market downturn was not simply a correction, but a full-blown “crypto winter” since January 2025. He noted that Bitcoin had fallen 39% and Ethereum 53% since its peak in October 2025, with many altcoins experiencing even sharper losses.
According to the CIO, the lack of price reaction despite positive news flows such as favorable regulatory developments and increasing institutional adoption in the markets is classic bear market behavior. Hougan argued that strong institutional buying from ETFs and Digital Asset Treasures (DATs) throughout 2025 masked the true weakness in the market for a while. He specifically noted that assets with access to institutional investment vehicles experienced more limited declines, while altcoins without this support saw sharp losses.
Hougan stated that ETFs and DATs purchased approximately 744,000 Bitcoin during that period, suggesting that Bitcoin could have experienced a much sharper decline without this support.
Hougan, noting that historically, crypto winters have lasted an average of 13 months, argued that the current cycle should begin in January 2025, not the October 2025 peak. In this case, he suggested, the market might be closer to its cyclical end.
Hougan argued that regulatory advancements, institutional adoption, stablecoin growth, and developments in the tokenization space haven’t changed the fundamental story, and that the current pullback doesn’t weaken crypto’s long-term potential.
“Winter began in January 2025. Spring may be closer than you think.”
*This is not investment advice.