Bitwise: Extreme Anxiety Indicates Crypto Market Is Approaching Bottom

Odaily News Bitwise Chief Investment Officer Matt Hougan pointed out that investors who bought the dip during the 2018 low period achieved returns of approximately 2000%, while those who entered at the 2022 low point saw gains of about 300%. For long-term investors, the company believes the disconnect between current prices and industry progress is a recurrence of these specific cycles. Matt Hougan believes the world is becoming increasingly digitalized and requires non-fiat currencies. He cited the rise of stablecoins, the development of tokenization, and the emergence of prediction markets and "AiFi" as evidence that the ecosystem is maturing. Although current prices do not reflect these advancements, the ongoing integration of Wall Street with blockchain technology suggests that fundamentals will ultimately drive the next rally. Bitwise identified several potential catalysts for recovery, including the possible passage of the CLARITY Act, a shift in market sentiment towards risk appetite, rising expectations for interest rate cuts, and technological breakthroughs at the intersection of AI and crypto. In the absence of sudden positive shocks, Bitwise expects the market to "grind out a bottom." (CoinDesk)