Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are in “crypto winter”, according to Bitwise Chief Investment Officer Matt Hougan, who says the end may be closer than investors think.
The Hidden Winter
Hougan argues crypto entered winter in January 2025, but ETF and Digital Asset Treasury flows masked the reality for months.
The institutional support was massive—ETFs and DATs bought 744,417 Bitcoin during 2025, worth roughly $75 billion.
Without this buying pressure, Hougan estimates Bitcoin would be down around 60%.
Assets with ETF support—Bitcoin, Ethereum, and XRP (CRYPTO: XRP)—fell only 10%-20% in 2025.
Meanwhile, assets without institutional backing like Cardano