Bitwise Asset Management is arguing that crypto’s current drawdown has the fingerprints of a cyclical low: weak prices alongside strengthening on-chain and business fundamentals, a pattern the firm says last appeared in Q1 2023 before a multi-year rally. In its Q4 2025 “Crypto Market Review,” Bitwise Chief Investment Officer Matt Hougan frames the quarter as an unusually important inflection point precisely because the signals are not all moving in the same direction…
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January 23, 2026
