Matt Hougan, Chief Investment Officer of Bitwise Asset Management, says the crypto market is currently experiencing a classic bear phase, similar to prior “crypto winters” in 2018 and 2022.
Still A Traditional 4-Year Cycle?
Hougan argues that crypto continues to follow its traditional four-year cycle, even if the original catalysts, such as Bitcoin halving’s and major blowups, are less dominant today.
In his view, the cycle persists because market participants believe in it and trade, accordingly, making it reflexive.
While institutions continued accumulating Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) into late 2025, retail investors and many altcoins had already entered deep drawdowns, with numerous tokens down 70% or more. …