Bitwise CIO: Retail Investor Sell-Off Exhaustion Near, Bitcoin Bottom May Be Close

On November 5th, Matt Hougan, the Chief Investment Officer of Bitwise, stated that although Bitcoin fell below $100,000 and hit a new low since June, which triggered market concerns about a "crypto winter," he believed that the current market is closer to the bottom rather than the beginning of a new prolonged bear market. Matt Hougan said that retail investors are currently in a state of "extreme despair," with frequent liquidations due to leverage and market sentiment hitting a new low. However, institutional investors and the financial advisor community continue to maintain a bullish attitude and are steadily allocating to Bitcoin and other crypto assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market. Matt Hougan stated that the selling pressure from retail crypto investors is approaching "exhaustion." He believes that the bottom of the Bitcoin price is about to emerge and will happen earlier than expected. He believes that Bitcoin still has a chance to reach a new high this year, with the price possibly rising to the range of $125,000 to $130,000. If the trend is favorable, it may even touch $150,000. Hougan believes that as institutional buying pressure continues to grow, the next stage of the crypto market will be driven by more rational capital.