According to Odaily Planet Daily, Bitwise Chief Investment Officer Matt Hougan stated that although Bitcoin's drop below $100,000, hitting a new low since June and sparking concerns about a "crypto winter," he believes the current market is closer to the bottom than the start of a new long-term bear market.

Hougan stated that retail investors are currently in a state of "extreme despair," with frequent leveraged liquidations and market sentiment hitting new lows. However, institutional investors and financial advisors remain bullish, continuing to invest in crypto assets such as Bitcoin through ETFs. He pointed out that with the expansion of ETFs such as iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC), institutions are becoming a major driving force in the market.

He predicts that the market will still need to clear out retail investor sentiment in the short term, but the bottom may be near. "I think Bitcoin still has a chance to reach new highs this year, with the price potentially rising to the $125,000 to $130,000 range, and if the trend is ideal, it could even reach $150,000," Hougan said.

Bitwise's recently launched Solana Staking ETF (BSOL) attracted over $400 million in inflows in its first week, but has since fallen nearly 20% in a recent pullback. Hougan believes that with continued institutional buying, the next phase of the crypto market will be driven by more rational capital. (CNBC)