[Bitwise CEO: STRC Volatility Signals End of Cycle, Bottom May Be Near] Bitwise Chief Investment Officer Matt Hougan stated that the volatility of STRC is a typical phenomenon at the end of a crypto cycle, indicating that the market is approaching its bottom. The essence of STRC lies in allocating funds that expect high returns and low volatility to Bitcoin—yet Bitcoin inherently lacks these two attributes. This mismatch of funds needs to be cleared from the system before the bottom can emerge. Hougan believes that Strategy's role in the Bitcoin market has shifted from being a one-way buyer to a participant capable of trading flexibly based on market conditions. Replacing them will be institutional investors, as global banks, pension funds, and sovereign wealth funds are gradually entering the market. Signs of this include Morgan Stanley launching a proprietary Bitcoin ETF and Wells Fargo incorporating Bitcoin into its model investment portfolios.