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According to Bloomberg, cryptocurrency asset management company Bitwise has laid off approximately 14% of its workforce, reducing its staff from around 180 to 155. CEO Hunter Horsley stated that even after layoffs, Bitwise's employee base remains the largest in its eight year history, and he expects Bitwise to continue growing as cryptocurrency integrates into the global economy. Bitwise manages over 70 products with assets of approximately $9 billion, including a $2.3 billion Bitcoin ETF. The cryptocurrency industry is experiencing a downturn of about 10 months, with Bitcoin falling about 50% from its historical high in October last year.