[Bitwise CIO: Bitcoin May Be Nearing the Bottom, Institutional Investors Remain Bullish]
Bitwise Chief Investment Officer Matt Hougan stated that although Bitcoin has fallen below $100,000, hitting a new low since June and sparking concerns about a 'crypto winter,' the current market is closer to a bottom rather than the start of a prolonged bear market. He pointed out that retail investor sentiment is in an 'extremely desperate' phase, with frequent leverage liquidations, but institutional investors and financial advisors are still allocating to Bitcoin and other crypto assets through ETF channels. Hougan expects Bitcoin to reach new highs this year, with prices potentially rising to the $125,000–$130,000 range, ideally even touching $150,000. Additionally, Bitwise's newly launched Solana Staking ETF (BSOL) attracted over $400 million in inflows during its first week, though it has recently dropped nearly 20% during the pullback.