"Current Cryptocurrency Market Not the Start but Potentially the End of Winter," Bitwise Analysis

On the 2nd, Matt Hogan, Chief Investment Officer at cryptocurrency management firm Bitwise, released a regular memo indicating that the cryptocurrency market is currently in a full winter state, which he believes started in January 2025.

Looking at the past movements of Bitcoin (BTC) after 2017 and 2021, he pointed out that prices typically bottom out about 13 months after reaching their peak. He analyzed that the market is not at the beginning of a winter, but rather nearing its end.

This time, Mr. Hogan first noted that the current market, where Bitcoin has fallen 39% from its all-time high, represents an adjustment in the bull market or a temporary...