Bitwise CIO: Retail investor selling is nearing "exhaustion," bitcoin's bottom may be approaching

According to ChainCatcher, Bitwise Chief Investment Officer Matt Hougan stated that although bitcoin has fallen below $100,000, hitting a new low since June and sparking concerns about a "crypto winter," he believes the current market is closer to a bottom rather than the start of a new long-term bear market.

Matt Hougan said that retail investors are currently in an "extreme despair" phase, with frequent leveraged liquidations and market sentiment hitting new lows; however, institutional investors and financial advisors remain bullish and continue to allocate to bitcoin and other crypto assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market.

Matt Hougan stated that retail crypto investors' selling is nearing "exhaustion," and he believes the bottom for bitcoin's price is about to appear, possibly sooner than expected. He believes bitcoin still has a chance to reach new highs this year, with prices possibly rising to the $125,000 to $130,000 range, and if the trend is ideal, it could even reach $150,000. Hougan believes that as institutional buying continues to grow, the next phase of the crypto market will be driven by more rational capital.