Bitwise CIO Sees Bitcoin Near Bottom as $116 Million Hack Fails to Rattle Market
Updated
Updated · Yahoo Finance · Aug 12
Bitwise CIO Sees Bitcoin Near Bottom as $116 Million Hack Fails to Rattle Market
1 articles · Updated · Yahoo Finance · Aug 12
Summary
Matt Hougan said Bitcoin may be near the bottom of the crypto winter because a run of negative headlines has failed to trigger the sharp selloffs typical of bear markets.
Recent shocks he cited included a $116 million Coldcard exploit, Michael Saylor's company selling Bitcoin reserves, and Clarity Act passage odds dropping from the mid-40s to the teens.
Hougan argued the next meaningful source of demand will be large wealth-management platforms, not short-term hype, pointing to advisor-led approvals for Bitwise's BSOL ETF even with the market about 50% below its highs.
Bitwise has also processed roughly $600 million to $700 million of tax-free in-kind ETF conversions over the past year, which Hougan said supports keeping most Bitcoin exposure in ETFs and a smaller share in cold storage.
He stopped short of calling a definitive bottom, saying the real test is whether Bitcoin keeps absorbing the next wave of bad news and can still finish the year strongly.