Matt Hougan: The crypto market is in a downturn similar to 2018.

Bitwise Chief Investment Officer Matt Hougan stated that the crypto market currently feels similar to mid-2018, with the industry experiencing a downturn. Factors such as the US election, the Binance incident, and tightening monetary policy will likely continue to negatively impact the market. Buying opportunities will emerge in the future, but the exact timing is difficult to predict. The market broke its stalemate in 2018 with a breakthrough in DeFi innovation, and the current market similarly needs such breakthroughs, but these cannot be predicted in advance. If such breakthroughs could be foreseen, those involved would have already founded $100 million companies and completed their strategic deployments.