Bitwise Asset Management has rolled out three new exchange-traded funds (ETFs) designed to generate consistent monthly income by leveraging the high volatility of crypto-linked stocks, according to an April 3 statement. The newly launched ETFs include the Bitwise Coinbase Option Income Strategy ETF (ICOI), Bitwise Marathon Digital Option Income Strategy ETF (IMRA), and Bitwise MicroStrategy […]
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Bitcoin is gaining considerable momentum, with the big boss of Bitwise Asset Management having strong faith in the cryptocurrency’s prospects. The time has come for Bitcoin, says Bitwise CEO Hunter Horsley, citing the convergence of several forces behind its rising popularity and worth. This is while digital assets still hold the interest of both institutional investors and the public. Related Reading: XRP Price Imminent Breakout: $5.30 On The Cards, Analyst Says Big Institutions Onboard One of the most significant changes in the financial sector is the increasing interest from large institutions. Horsley pointed out how companies such as BlackRock, which had earlier been critical of Bitcoin, are now significant holders. Bitcoin is a big idea who’s time has come — Hunter Horsley (@HHorsley) March 26, 2025 This reversal on the part of institutional players in the financial space reflects broader recognition of Bitcoin as a legitimate asset class. The fact that these institutional players are now investing large amounts of money reflects long-term belief in the potential of Bitcoin. Easier Ways To Invest The introduction of Bitcoin Exchange Traded Funds, or ETFs, in the United States has made it simpler for large institutions and regular investors to get into Bitcoin. These ETFs allow people to invest in Bitcoin without the inconvenience of buying and owning the cryptocurrency. This accessibility has paved the way for additional capital to enter the Bitcoin market, which could stabilize prices and bring in a broader spectrum of investors. States Consider Bitcoin Reserves Surprisingly, some US state governments are considering the possibility of maintaining Bitcoin as part of their reserve funds. According to Horsley, a number of states are looking at bills that would enable them to buy and hold Bitcoin. If the trend gains popularity, it can result in serious Bitcoin purchases from these states, further influencing demand and possibly price. Related Reading: Dogecoin Set For 10x Surge? Elon Musk’s Anime X Post Sparks Hype Global Use Increases Outside of the US, there is also evidence of growing international demand for Bitcoin. Horsley noted that other nations are even employing the crypto in foreign trade. The Bitwise CEO points out that there has been a dramatic shift in the way individuals perceive Bitcoin. It’s no longer viewed by many as merely a speculative, fringe investment. Rather, it’s more a legitimate investment and a potential hedge against conventional financial systems. This change of sentiment, combined with growing institutional adoption, more accessible investment channels, state-level interest possibilities, and expanding international usage, is a reflection of a mature asset of great potential, said the Bitwise big boss. Nevertheless, as with any investment, don’t forget that the crypto market is volatile. Featured image from Gemini Imagen, chart from TradingView
Strategy, formerly known as MicroStrategy, revealed that it secured over $700 million from a recent preferred stock offering designed to purchase more Bitcoin. On March 21, the firm confirmed the sale of 8.5 million shares of its Series A Perpetual STRF Preferred Stock. Each share was priced at $85 and offered a 10% annual dividend. […]
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In an interview with the Paul Barron Network, Bitwise Chief Investment Officer (CIO) Matt Hougan expressed his perspective on the long-debated regulatory battle surrounding XRP and its potential market reaction once legal uncertainties are resolved. According to Hougan, the crypto asset—long restrained by litigation—may be significantly undervalued, with the potential for a sharp market correction following a favorable resolution to its legal entanglements. Since 2020, XRP has been entangled in a legal dispute with the US Securities and Exchange Commission (SEC), which accused Ripple Labs of conducting an unregistered securities offering. The lawsuit has cast a long shadow over the token, restricting its growth within the US market and leading to its delisting from several major exchanges in the past. Related Reading: Analyst Says Only Buy XRP If It Reaches This Level Now, with the lawsuit potentially reaching its final ruling by April 16, according to Barron, market participants are speculating on XRP’s future trajectory. Hougan weighed in on the matter, pointing out that a resolution could unlock significant latent demand and shift the narrative around the asset. “From my 30,000-foot view, specific to XRP, I think there’s a significant chunk of the crypto market that has sort of written it off or forgotten about it. And I think that part of the market is wrong,” Hougan stated. What Happens Post-Lawsuit With XRP? One of the key takeaways from Hougan’s analysis is the idea that XRP remains an unknown variable in the broader crypto landscape. Unlike Bitcoin (BTC) and Ethereum (ETH), which have seen major adoption and institutional inflows, XRP has remained stagnant due to regulatory overhang. If the lawsuit concludes with clarity that allows unrestricted US adoption, the real potential of XRP in global finance could finally be realized. “The reality is, XRP has been suppressed by litigation for multiple years, and we don’t yet know what it can do on the global stage when it’s freed from those restraints,” he added. While Hougan did not make outright price predictions, he did note that institutional and retail sentiment could pivot quickly if XRP gains renewed regulatory clarity in the US. Related Reading: XRP Flirts With A Daily Range Breakdown – Price Must Hold Above $2 Level The discussion also delved into Japan’s aggressive adoption of XRP, with SBI Holdings leading the charge in integrating the asset into its digital banking ecosystem. As noted in the interview, XRP has now surpassed Ethereum in Japanese investor holdings, signaling deep institutional confidence in its future. Paul Barron emphasized that Japan’s approach could foreshadow broader global adoption: “SBI seems to be doing with XRP what Michael Saylor did with Bitcoin—strategically accumulating and positioning it for long-term institutional use.” Hougan agreed, highlighting that XRP’s role in international remittances and liquidity solutions remains underappreciated, and the ongoing legal battle has hindered a more comprehensive evaluation of its utility-driven demand. Another major topic of discussion was the possibility of an spot XRP exchange-traded fund (ETF). While Hougan did not reveal any detail about Bitwise’s ETF filing and its progress with the US Securities and Exchange Commission (SEC), he highlighted the firm’s confidence. “We don’t file for ETPs for fun. We file for them because we think they can launch, and we think there is a significant audience, and we think it’s an important asset.” While some analysts argue that XRP’s legal troubles have already been priced in, Hougan’s comments concluded that the potential upside remains largely ignored by the broader market. If the SEC case concludes favorably, the re-listing of XRP on major US exchanges, new institutional flows, and expanded adoption in banking systems could lead to a market repricing event. “There’s no guarantee XRP will be enormously successful, but there’s equally no guarantee that it won’t be,” Hougan emphasized. At press time, XRP traded at $2.12. Featured image from YouTube, chart from TradingView.com
Bitwise Asset Management has launched Bitwise Bitcoin Standard Corporations ETF (OWNB), a new investment product designed to provide exposure to companies holding significant Bitcoin reserves. According to a March 11 statement, the ETF follows the Bitwise Bitcoin Standard Corporations Index, which includes firms that have integrated Bitcoin into their corporate treasuries. Bitwise CIO Matt Hougan […]
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New ETF tracks public companies holding at least 1,000 bitcoin.
The US President Donald Trump has formally established a strategic Bitcoin reserve last week—an action that has ignited both celebration and concern across the industry. At the heart of this debate is one central question: Will Bitcoin become a geopolitically important global macro asset like gold, or will it remain a niche holding among libertarians, cypherpunks, and speculators? That is the core takeaway from Bitwise’s latest investor memo, authored by Chief Investment Officer Matt Hougan. Titled “The Only Question That Matters in Bitcoin” and dated March 10, 2025, the memo underscores how the long-term prospects of Bitcoin may hinge on whether governments worldwide—starting with the United States—view it as indispensable enough to keep building strategic reserves. The One Big Question For Bitcoin In the memo, Hougan highlights the striking nature of the US government’s decision, writing: “Fifteen years after Bitcoin was created—a decade and a half of ridicule and skepticism, of people calling it a ‘pet rock’ and ‘rat poison squared’—the US government declared Bitcoin a ‘strategic’ asset that ‘shall not be sold.’” He argues that Bitcoin’s endorsement as a strategic reserve asset signals a historic shift: “It is a historic milestone, which in time will help propel Bitcoin to new all-time highs. Congratulations to all who believed in this possibility before it was cool.” Related Reading: Michael Saylor’s Strategy Unveils $21 Billion Stock Issuance For Bitcoin Yet, markets have not uniformly welcomed this announcement. While the government’s formal recognition would seem to bolster Bitcoin’s legitimacy, it also disappointed some investors who had expected an immediate influx of new government purchases. Shortly after the reserve news emerged, Bitcoin’s price plummeted 13% from its recent high of over $92,000, dropping below $80,000 for the first time since November 2024. Hougan points to several contributing factors: broader economic worries, an equity market pullback, and, crucially, what he calls a “misunderstanding” of the government’s actual stance. “Despite the historic nature of the declaration, Bitcoin is down sharply in recent days,” he notes in the memo. Investors had apparently hoped for immediate large-scale purchases from the US Treasury. Instead, they learned that the reserve would initially comprise the government’s existing Bitcoin holdings—an estimated 200,000 BTC, worth approximately $16 billion at current prices. Hougan believes the market’s negative reaction is unwarranted, emphasizing that merely retaining those 200,000 Bitcoin instead of selling them—once anticipated under the prior administration—removes a substantial overhang from the market. Related Reading: Bitcoin Plays Chicken With Central Banks As Dollar Falls, Says Expert Moreover, the new executive order explicitly states: “[T]he Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.” In his memo, Hougan underscores the significance of the word “shall,” suggesting it indicates a mandate rather than a mere possibility. Above all, Bitwise’s memo insists on a long-term perspective, urging investors to concentrate on what Hougan terms “the only question that matters in Bitcoin.” That question is whether Bitcoin becomes globally important, akin to gold, or whether it remains peripheral. “If Bitcoin does matter globally, here’s my view: It will be a $10-50 trillion asset, implying a 5x-25x return from current prices. If it doesn’t, it’ll be a footnote in history, bouncing around below $150,000, supported only by a small cohort of libertarians, cypherpunks, and speculators. There is no in between. Bitcoin either matters globally or it doesn’t,” Hougan writes. From this vantage point, the US government’s choice to retain (and potentially expand) its Bitcoin holdings represents an enormous signal to other countries. If, as Hougan suggests, nations including Czechia, Russia, China, El Salvador, and India are weighing their own strategic moves in the digital asset space, the US adopting Bitcoin as strategic could spur them to follow suit—especially if they want to front-run any further American acquisitions. While some investors may be disheartened by the immediate lack of massive government buys, Bitwise’s memo remains optimistic in the face of Bitcoin’s recent volatility. Hougan labels the current price dip as an opportunity for those eyeing a longer timeline. “I see one big takeaway. This short-term weakness is a gift,” he concludes. At press time, BTC traded at $80,319. Featured image created with DALL.E, chart from TradingView.com
The Bitwise Bitcoin Standard Corporations ETF holds the largest companies that adopted MSTR’s playbook of holding BTC as a treasury asset.
Bitwise has taken a significant step into DeFi with its first institutional allocation through Maple Finance. This initiative will allow Bitwise to access on-chain credit while maintaining compliance with institutional regulatory standards on Maple’s platform. The firm, which manages over $12 billion in client assets, announced the move in a statement shared with CryptoSlate on March […]
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Crypto asset manager and ETF provider Bitwise has made its first allocation into decentralized finance (DeFi) through a partnership with on-chain credit specialist Maple Finance.
The Bitwise Diaman Bitcoin & Gold ETP (BTCG), which commenced trading on Euronext Paris and Amsterdam on Thursday, replicates the Diaman Bitcoin and Gold Index
The Aptos (APT) token defied the broader crypto market downturn, surging over 8% after Bitwise registered an interest in launching a spot exchange-traded fund (ETF) focused on the asset. While major cryptocurrencies like Bitcoin and Ethereum dropped more than 3% during this period, APT outperformed the top 50 digital assets, reaching $6.15 as of press […]
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In a memo released on February 25, 2025, Matt Hougan—Chief Investment Officer (CIO) at Bitwise Asset Management—drew striking parallels between today’s crypto market and what he observed in July 2024. Titled “Short-Term Pain, Long-Term Gain (Redux),” Hougan’s latest analysis suggests that, despite the current pullback, the industry’s underlying fundamentals remain as compelling as ever. Crypto Echoes Of July 2024 Hougan opened his memo by recalling the environment in July 2024, when he penned an earlier piece called “Short-Term Pain, Long-Term Gain.” Back then, crypto markets were reeling: “Bitcoin, which had peaked above $73,000 in March 2024, had fallen to roughly $55,000, a 24% pullback. Ethereum was down 27% over the same time period.” At the time, Hougan noted that “the crypto market is facing a weird dynamic right now. All the short-term news is bad, and all the long-term news is good.” He also cited catalysts such as potential ETF inflows, the upcoming Bitcoin halving, and more supportive policymaking in Washington, D.C., contrasting them with then-immediate risks like Mt. Gox distributions and government sales of Bitcoin. Related Reading: From Hope To Crypto Panic: How A Day Of Highs For Coinbase Turned Into A Nightmare For Bybit That analysis proved timely. “Shortly after I wrote the memo, Bitcoin bottomed and proceeded to rip straight to $100,000,” Hougan wrote. In his latest note, he sees a similar duality at play: negative short-term developments on one hand, and powerful long-term tailwinds on the other. Yesterday, crypto markets were under renewed pressure: Bitcoin dropped at one point more than 10% to as low as $86,050, Ethereum by 18%, and Solana lower by 21%. The immediate trigger: last weekend’s hack of Bybit, a Singapore-based exchange, which suffered a $1.5 billion Ethereum theft via a phishing scam. Though Bybit dipped into its reserves to make clients whole, the breach reverberated across the industry. The hack followed on the heels of a spate of memecoin scams, including Libra, endorsed by Argentine President and noted crypto proponent Javier Milei. The memecoin cost investors billions in what Hougan described as a “multi-billion-dollar scam.” Moreover, Melania, a project tied to First Lady Melania Trump, also collapsed, causing substantial losses for token holders. Trump, a memecoin linked to US President Donald Trump fared no better. “Taken together, these events probably spell the end of the recent memecoin boom,” Hougan commented. While many institutional and long-term crypto participants may view the memecoin sector with skepticism, its trading volume and buzz have fueled overall market activity—particularly in the Solana ecosystem. Related Reading: Crypto CEO Calls Start Of The Altcoin Season With A Caveat Despite the negative headlines, Hougan points to a robust foundation beneath crypto markets. First, Hougan highlights the pro-crypto regulation under the Trump administration. In his view, “We are in the early days of a massive shift in Washington’s attitude towards crypto.” He cites the US Securities and Exchange Commission’s recent decision to drop high-profile lawsuits against companies like Coinbase and ongoing legislative efforts around stablecoins and market structure. Such developments, he argues, will help crypto break into mainstream finance. Second, institutional adoption is still growing. Large-scale buyers—including asset managers, corporations, and even governments—continue to accumulate Bitcoin. Hougan notes that so far this year, “investors have plowed $4.3 billion into bitcoin ETFs,” and he expects that figure to balloon to $50 billion by year-end. Hougan also expects a stablecoin boom. Stablecoin assets under management have climbed to a record $220 billion, marking a 50% jump from last year. With favorable legislation making its way through Congress, Hougan believes the sector could grow to $1 trillion by 2027. Lastly, the Bitwise CIO predicts the rebirth of DeFi and tokenization. Lending, trading, prediction markets, and derivatives see record heightened usage. Meanwhile, the tokenization of real-world assets continues to hit all-time highs in assets under management, suggesting that blockchain-based representations of traditional securities and commodities may be on the rise. Hougan refers back to his July 2024 thesis to underline today’s opportunity. On the negative side, markets have to navigate aftershocks from Bybit’s massive hack and the implosion of multiple memecoin projects. On the positive side, regulatory clarity, institutional inflows, stablecoin expansion, and DeFi innovation continue unabated. “This is what I call a no-brainer,” Hougan wrote, underscoring his stance that serious long-term factors overwhelmingly outweigh the short-term setbacks. He does offer a measured warning, noting this pullback may prove more pronounced than last summer’s dip: “The memecoin boom was large, and the hangover could be more significant. It might take days, weeks, or months to work through it.” Yet his conclusion remains firm: the long-term growth narrative remains intact. “When that happens, I like my money on the long term,” he stated, reiterating that patience can be rewarded in a market often swayed by headline-driven volatility. At press time, BTC traded at $88,349. Featured image created with DALL.E, chart from TradingView.com
The raise was led by Electric Capital and included participation from MassMutual, Highland Capital, Haun Ventures and ParaFi Capital
In an escalation of global economic friction, President Trump’s imposed tariffs have roiled financial markets this week, cutting across both equities, Bitcoin and cryptocurrencies. Yet a new memo from Bitwise Asset Management suggests that these headwinds might ultimately propel Bitcoin to new heights—regardless of whether Trump’s strategy succeeds or fails. At the beginning of the week, the crypto market witnessed a severe sell-off. Bitcoin declined by about 5%, while Ethereum and XRP suffered even sharper losses—17% and 18%, respectively. The immediate catalyst was Trump’s imposition of a 25% tariff on most imports from Canada and Mexico, as well as a 10% tariff on China. In retaliation, those trading partners announced countermeasures of their own. Related Reading: Key Indicator Signals DCA Opportunity Amid Bitcoin Buyer Momentum The US dollar reacted by jumping more than 1% against major currencies. That, combined with lingering weekend illiquidity in crypto markets, triggered a wave of forced liquidations as leveraged traders sold into the downdraft. According to Bitwise Chief Investment Officer Matt Hougan, as much as $10 billion in leveraged positions was wiped out in what he described as “the largest liquidation event in crypto’s history.” Despite the dramatic price action, Bitwise’s Head of Alpha Strategies, Jeffrey Park, remains optimistic about Bitcoin’s trajectory. He points to two guiding ideas that shape his bullish thesis: the ‘Triffin Dilemma’ and President Trump’s broader aim to restructure America’s trade dynamics. The Triffin Dilemma highlights the conflict between a currency serving as a global reserve—generating consistent demand and overvaluation—and the need to run persistent trade deficits to supply enough currency abroad. While this status allows the US to borrow cheaply, it also puts sustained pressure on domestic manufacturing and exports. “Trump wants to get rid of the negatives, but keep the positives,” Park explains, suggesting that tariffs may be a negotiating tool to compel other nations to the table—reminiscent of the 1985 Plaza Accord, which devalued the dollar in coordination with other major economies. The Two Scenarios: Bitcoin Wins, Fiat Loses Park argues that Bitcoin stands to benefit under two distinct outcomes of Trump’s current trade policy: Scenario 1: Trump Succeeds in Weakening the Dollar (While Keeping Rates Low) If Trump can maneuver a multilateral agreement—akin to a ‘Plaza Accord 2.0’—to reduce the dollar’s overvaluation without boosting long-term interest rates, risk appetite among US investors could surge. In this environment, a non-sovereign asset like Bitcoin, free from capital controls and dilution, would likely attract additional inflows. Meanwhile, other nations grappling with the fallout of a weaker dollar might deploy fiscal and monetary stimulus to support their economies, potentially driving even more capital toward alternative assets like Bitcoin. Related Reading: After The Bitcoin Crash: Will It Rise Or Drop Again? 5 Key Indicators “If Trump can bully his way into the position, there’s no asset better positioned than bitcoin. Lower rates will spark the risk appetite of US investors, sending prices high. Abroad, countries will face weakened economies, and will turn to classic economic stimulus to compensate, leading again to higher bitcoin prices,” Park argues. Scenario 2: A Prolonged Trade War And Massive Money Printing If Trump fails to secure a broad-based deal and the trade war grinds on, global economic weakness would almost certainly invite extensive monetary stimulus from central banks. Historically, such large-scale liquidity injections have been bullish for Bitcoin, as investors seek deflationary and decentralized assets insulated from central bank policies “And what if he fails? What if, instead, we get a sustained tariff war? Our high-conviction view is the resulting economic weakness will lead to money printing on a scale larger than we’ve ever seen. And historically, such stimulus has been extraordinarily good for bitcoin,” Park says.. At press time, BTC traded at $98,557. Featured image created with DALL.E, chart from TradingView.com
The Bitcoin price sank by more than 13.5% over the weekend, dropping as low as $91,201 on Binance. The sell-off followed US President Donald Trump’s announcement of new trade tariffs. The administration levied a 25% tariff on most imports from Canada and Mexico, added a 10% tax on Chinese goods, and imposed a 10% tariff on Canadian energy resources. While market observers typically view such aggressive moves as a negative for risk assets, one prominent voice at Bitwise Invest sees a wildly different scenario, predicting that these tariffs could fuel a “violent” long-term rally in Bitcoin. Why Tariffs May Supercharge Bitcoin Jeff Park, Head of Alpha Strategies at Bitwise Invest, argues that these tariffs cannot be understood simply as a response to trade imbalances but should be viewed against the broader backdrop of the so-called Triffin dilemma. In Park’s words, “The US wants to keep its ability to borrow cheaply, but rid its structural overvaluation and constant trade deficits—enter tariffs.” Related Reading: Bitcoin Price Is Trading In This Bearish Flag — What’s The Downside Target? He suggests that, by using tariffs as a bargaining chip, the White House is looking to create a new multi-lateral agreement—akin to a “Plaza Accord 2.0”—aimed at weakening the US dollar. This would potentially oblige foreign governments to reduce their US dollar reserves or to hold longer-duration Treasuries, thereby keeping yields low without officially enacting yield curve control. Park also ties this strategy to the president’s personal incentives. He believes Trump’s “#1 goal” is to drive down the 10-year Treasury yield, in part because cheaper long-term financing would benefit real estate markets. According to Park, such a push for lower yields dovetails with a deliberate move to weaken the dollar—two conditions that, in his view, create a perfect environment for Bitcoin to flourish. “The asset to own therefore is Bitcoin. In a world of weaker dollar and weaker US rates, something broken pundits will tell you is impossible (because they can’t model statecraft), risk assets in the US will fly through the roof beyond your wildest imagination, for it is likely a giant tax cut will have to accompany the higher costs borne by the loss of comparative advantage,” Park writes. His thesis is that the “online and onchain” nature of today’s economy will funnel frustrated citizens across the globe toward alternative stores of value—namely Bitcoin. He believes both sides of any prolonged tariff war will discover that BTC offers a refuge from the fallout, leading to what he describes as a much higher price trajectory. Related Reading: Analyst Explains Bitcoin’s Path To $150,000 – Details “So while both sides of the trade imbalance equation will want Bitcoin for two different reasons, the end result is the same: higher, violently faster—for we are at war. TLDR: You simply have not yet grasped how amazing a sustained tariff war is going to be for Bitcoin in the long run,” Park claims. Tariffs As A Risk Asset Drag Not all analysts share Park’s optimism. Alex Krüger, an economist and trader from Argentina, disagrees with the notion that tariffs of this magnitude inherently favor Bitcoin. He warned that “Bitcoin is mainly a risk asset.” He added: Tariffs this aggressive are very negative for risk assets. And the economy will take a hit. The tariffs announced are considerably worse than what was expected by the market, as gradual tariffs or delayed implementation were seen as alternatives. So the S&P futures will open deeply in the red tonight and flush.” In Krüger’s view, Bitcoin remains a high-beta asset often correlated with equity markets. When a major macro shock—like a sudden hike in tariffs—hits, investors typically rotate into safe havens rather than riskier holdings such as stocks or cryptocurrencies. He pointed out that the sell-off in crypto over the weekend might be explained by the market reacting to an “unexpectedly harsh” tariff announcement. “The hope for crypto is that it has already dropped a lot in anticipation,” Krüger observed, hinting that digital assets may find a local bottom if the initial shock has been fully absorbed. However, he emphasized the persistent uncertainty ahead, including the possibility of retaliation by targeted nations. A swift resolution to the trade dispute could trigger a bounce, whereas an escalation could deepen market jitters. Krüger also cautioned that the Federal Reserve might turn hawkish if tariffs stoke inflation—an outcome that rarely bodes well for high-growth or risk-prone assets. Still, he hasn’t ruled out fresh all-time highs in equities later this year: “I still don’t think the cycle top is in, and expect equity indices to print ATHs later in the year. But the probability of being wrong has increased. Particularly on the latter. As I said a week ago, I’ve taken my long-term hat off. This is a traders’ market.” At press time, BTC traded at $94,000. Featured image created with DALL.E, chart from TradingView.com
The SEC approved a filing from NYSE Arca to list and trade shares for Bitwise's combined Bitcoin and Ethereum exchange-traded fund.
In a new investor note published on January 29, 2025, Matt Hougan, Chief Investment Officer at Bitwise, questioned whether the historical four-year market cycle of Bitcoin could finally be coming to an end. His reasoning is rooted in seismic shifts in US policy toward crypto, highlighted by a recent executive order from President Trump aimed at solidifying the nation’s leadership in digital assets. Could 2026 Buck The Bitcoin Bear Trend? Hougan’s note begins with an explanation of the so-called “four-year cycle,” where Bitcoin has typically seen three years of substantial gains followed by a pullback. This cycle, he explains, mirrors broader boom-bust patterns in traditional markets:“The four-year cycle in crypto is driven by the same forces that drive broader cycles of growth and recession in the general economy,” he wrote. Related Reading: Bitcoin Preparing For A February Rally? Analyst Says New High Is Two Weeks Away These expansions, fueled by technological breakthroughs or increased investor interest, often lead to over-leverage, occasionally resulting in fraud or industry-wide strain. Eventually, something “breaks” and triggers a market correction—such as the 2014 Mt. Gox collapse or the 2018 SEC crackdown on ICOs. Hougan describes the current crypto upswing as the “Mainstream Cycle,” emerging out of 2022’s “massive deleveraging” caused by failures like FTX, Three Arrows Capital, and others. According to him, the latest bull phase took off in March 2023, when Grayscale convincingly “won the opening argument” in its legal challenge against the SEC over a spot Bitcoin ETF. “Bitcoin was trading at $22,218 when Grayscale mounted its argument. It’s trading at $102,674 today. The mainstream era has arrived.” Once a spot Bitcoin ETF was approved and launched in January 2024, investor inflows surged, further cementing Bitcoin’s acceptance among both retail and institutional players. The most striking component of Hougan’s analysis is his examination of last week’s executive order issued by President Trump. The order not only deemed the development of the US digital asset ecosystem a “national priority,” but it also set in motion a clearer regulatory framework for crypto. Related Reading: DeepSeek Predicts Bitcoin Bull Run Peak At $500,000 – Here’s When “Last week, President Trump issued an executive order that was so overwhelmingly bullish for the space that it’s making me wonder,” Hougan wrote, noting how the document outlines plans for a potential “national crypto stockpile” and encourages banks and financial institutions to accelerate their adoption of digital assets. Combined with a now more welcoming stance from the SEC, Hougan believes these measures could unleash trillions in new investment over the coming years, far surpassing the hundreds of billions that an ETF-driven market was already expected to generate. Hougan’s analysis acknowledges that Bitcoin has historically followed its pattern of eventual pullbacks after surging bull runs. But with Wall Street behemoths and major banks preparing to integrate crypto at every level, there’s a growing possibility that the market may not face the traditional plunge in 2026: “If it’s not until next year that we feel those impacts, will we really have a new ‘crypto winter’ in 2026?” he posited. “If BlackRock CEO Larry Fink is calling for $700k Bitcoin, are we really going to see a 70% pullback?” While he concedes that leverage continues to build in the system—citing an uptick in Bitcoin-backed lending programs, derivatives, and levered exchange-traded products—he also highlights an increasingly diverse pool of crypto investors. This diversity, he argues, could dampen severe drawdowns. “My guess is that we haven’t fully overcome the four-year cycle. Leverage will build up as the bull market builds. Excess will appear. Bad actors will emerge. And at some point, there could be a sharp pullback when the market gets over its skis,” Hougan argued. However, Hougan expects that any future market correction will be “shorter and shallower” than previous cycles. With the industry’s infrastructure now significantly more robust and mainstream participants treating crypto as a legitimate asset class, a dramatic bear market akin to those of 2014 or 2018 may be less likely. “As for now, it’s full steam ahead,” he concluded. “The crypto train is leaving the station.” At press time, BTC traded at $105,275. Featured image created with DALL.E, chart from TradingView.com
Recent developments suggest that crypto investors looking to catch the next quick 5x should be keeping an eye on the Dogecoin price. This is based on both technical and fundamental analysis, which proves that DOGE could record a 500% price surge from its current level. Analyst Predicts 500% Surge For The Dogecoin Price In an X post, crypto analyst Javon Marks predicted a 500% surge for the Dogecoin price, representing a 5x increase from its current level. The analyst explained that Dogecoin is back showing strength, and by its historical performance, DOGE can be set for an over 432% gain at the least from its current level. Related Reading: Dogecoin ETF Filing Takes Market By Storm, Can Positive Sentiment Trigger 200% Rise To $1 ATH? Javon Marks further remarked that the Dogecoin price could rally above the 1.618 Fib extension, which is currently at $2.2. In line with this, the analyst added that market participants could still be early, considering that DOGE could witness a 5x price increase from its current level. Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rally above $2. In an X post, the analyst stated that the meme coin had formed a bull flag on the 2-day chart. According to the analyst, this DOGE bull flag pattern puts a target of over $2 for the foremost meme coin. The crypto analyst had previously predicted that the DOGE price could even rally as high as $8 if it mirrors the 2017 bull run. He added that DOGE could also reach $30 if it mirrors the 2021 bull run. These projections further prove that the foremost meme coin could at least record a 500% price surge from its current level. Crypto analyst Master Kenobi has also previously predicted that Dogecoin could rally to $2 in this cycle and top around $3. Bullish Fundamentals Also Support A 5x Increase For DOGE The Dogecoin price also boasts bullish fundamentals, which support a 5x increase from its current level. One of the fundamentals includes the potential launch of a Dogecoin exchange-traded fund (ETF) in the US. Asset manager Bitwise recently filed for a Dogecoin ETF in Delaware, indicating that an application with the US Securities and Exchange Commission (SEC) may be next. Related Reading: Dogecoin ‘Power Of 3’ Pattern Enters Distribution Phase: Massive Bull Run Incoming? Asset manager REX Shares, in collaboration with Osprey, already filed with the SEC to offer a Dogecoin ETF. This is bullish for the Dogecoin price, considering the amount of institutional funds that could flow into the DOGE ecosystem if the SEC approves these funds. There is also a huge likelihood that the SEC will approve these funds, considering the pro-crypto climate under Donald Trump’s administration. It is also worth mentioning that there has been a huge accumulation trend among DOGE whales, which is also bullish for the Dogecoin price. IntoTheBlock data shows there has been a 41% spike in the meme coin’s large transactions, with $23.35 billion traded in the last 24 hours. Another bullish fundamental is Elon Musk’s Department of Government Efficiency (DOGE), which puts the foremost meme coin in the limelight. At the time of writing, the DOGE price is trading at around $0.35, down almost 4% in the last 24 hours, according to data from CoinMarketCap. Featured image from iStock, chart from Tradingview.com
Bitwise Asset Management has set the stage for what could become its first Dogecoin-focused exchange-traded fund (ETF). On Jan. 22, the firm registered a Delaware statutory trust with Delaware’s Division of Corporations, a common preparatory step for launching financial products. Following the news, DOGE’s value fell by around 5% in the last 24 hours to […]
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A recent report by crypto index fund management firm Bitwise outlines varying price projections for Solana (SOL) based on its adoption and scalability improvements. According to the report, the ‘bull case’ scenario could see SOL’s price soar to $6,636 by 2030. What Sets Solana Apart? Solana, currently the sixth-largest cryptocurrency by market capitalization, has experienced a volatile few years. The digital asset was heavily impacted by the FTX collapse, plummeting from its previous all-time high (ATH) of $250 in November 2021 to a low of $9 in November 2022. Related Reading: Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally However, despite the bear market triggered by the FTX debacle, SOL staged an impressive recovery, achieving a new ATH of $263 in November 2024. Bitwise’s report suggests that SOL’s growth potential remains significant in the coming years. The report identifies three core pillars supporting Solana’s investment case: sustainable economics, developer attraction, and consistent execution. It highlights Solana’s remarkable outperformance compared to other major smart contract platforms in terms of price growth in 2024. Dubbed the “iPhone moment for blockchain” by the report, Solana’s standout features include its ability to process 65,000 transactions per second (TPS) and its low transaction costs. This high throughput positions it as an ideal platform for building decentralized, high-volume, low-latency applications, such as decentralized exchanges (DEXs). The chart below demonstrates that Solana’s TPS rivals that of Visa and far surpasses competing smart contract platforms like BNB Chain and Ethereum. Additionally, Solana experienced a parabolic increase in daily active addresses (DAA) in 2024, surpassing the combined DAA of Bitcoin (BTC) and Ethereum (ETH), indicating growing adoption. In terms of tokenomics, the report notes that 80.7% of SOL’s total supply is currently in circulation, with the remaining 19.3% classified as non-circulating supply. While concerns about potential token inflation persist, Solana’s inflation rate decreases annually and is projected to drop to 1.85% by 2030. The SOL Bull Case The report applies Metcalfe’s Law to estimate Solana’s network value. For those unfamiliar, Metcalfe’s Law posits that a network’s utility increases proportionally to the square of its user base. The report states: For the sake of simplicity, we assume the Daily Active Addresses (DAA) to be the number of users and the market capitalization to represent the utility of the network represented in monetary terms. Accordingly, the report shares the bear case, the base case, and the bull case for Solana. The bear case for SOL foresees a cumulative annual growth rate of 35.1%, yielding a target price of $2,318 by 2030. Related Reading: Solana Targets $209 Mark With A Recovery Above The 4-hour SMA Similarly, the base case assumes a CAGR of 47.2%, resulting in a price of $4,025 by 2030. On the contrary, the bull case for SOL projects a price target of $6,636 by 2030, propelled by a CAGR of 59.1%. The report adds that the aforementioned forecasts take into account the natural deceleration that occurs as networks mature and achieve significant scale. At press time, SOL trades at $214.86, up 8% in the past 24 hours. Featured image from Unsplash, Charts from Bitwise and TradingView.com
A national government is reportedly exploring Bitcoin as an alternative to its foreign currency bonds. On Jan. 16, Hunter Horsley, the CEO of Bitwise, revealed this development, noting that his firm had supplied detailed information to the government about Bitcoin exchange-traded funds (ETFs). According to Horsley, the government is examining the potential of reallocating part […]
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The ETF aims to give investors exposure to a diverse basket of cryptocurrencies such as SOL, XRP and ADA, among others.
Investors’ appetite for Bitcoin exchange-traded funds (ETFs) remains strong even as the US Securities and Exchange Commission (SEC) remains cautious as recent outflows hit the market. Bitcoin ETF flows According to SoSoValue data, the US-based spot Bitcoin ETFs experienced significant outflows over the past four days, totaling $1.2 billion. On Jan. 14, the 12 spot […]
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In a newly released memo dated January 13, 2025, Matt Hougan, Chief Investment Officer (CIO) at Bitwise, argues that the phenomenon of corporations purchasing Bitcoin for their treasuries is far more widespread and influential than most investors realize. According to Hougan, “We’ll see hundreds of companies buy Bitcoin for their treasuries over the next 12-18 […]
Fundstrat’s Tom Lee says those who buy Bitcoin around $90,000 now won’t “lose money” over the long term.
Many executives and analysts predicted the success of US spot Bitcoin ETFs in 2024, but the funds surpassed expectations.
More than half of wealth advisers in the United States surveyed by Bitwise say they’re more open to investing in cryptocurrency after Trump won the US election in November.
While the spot Bitcoin ETFs smashed industry expectations in 2024, the products finished poorly with outflows in six of the last eight trading days.
M&A deregulation, real-world asset tokenization, and AI could all accelerate crypto in 2025, according to Hunter Horsley.