{"id":7945,"date":"2025-01-30T10:43:46","date_gmt":"2025-01-30T09:43:46","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=7945"},"modified":"2025-01-30T10:43:46","modified_gmt":"2025-01-30T09:43:46","slug":"breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/","title":{"rendered":"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-translation\">\n        <a href=\"https:\/\/www.newsbtc.com\/es\/news\/bitcoin\/no-more-bitcoin-bear-market-fund-cio\/\" class=\"article-translation__link\"><br \/>\n            Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol.<br \/>\n        <\/a>\n    <\/div>\n<p>In a recent note to investors published on January 29, 2025, Matt Hougan, the Chief Investment Officer at Bitwise, raised doubts about the potential conclusion of Bitcoin&#8217;s historical four-year market cycle. His arguments are anchored in significant changes in US policy towards cryptocurrencies, underscored by a recent executive directive from President Trump aimed at reinforcing the nation&#8217;s role in digital assets.<\/p>\n<h2>Could 2026 Defy The Bitcoin Bear Trend?<\/h2>\n<p>Hougan\u2019s <a href=\"https:\/\/experts.bitwiseinvestments.com\/cio-memos\/trumps-executive-order-can-it-break-cryptos-four-year-cycle\" target=\"_blank\" rel=\"nofollow\">note<\/a> commences with an outline of what is referred to as the \u201c<a href=\"https:\/\/www.newsbtc.com\/news\/where-are-we-in-this-bitcoin-cycle\/\" target=\"_blank\">four-year cycle,<\/a>\u201d in which Bitcoin has generally experienced three years of considerable gains, followed by a downturn. He clarifies that this cycle reflects broader boom-bust dynamics seen in traditional markets: \u201cThe four-year cycle in crypto is influenced by the same factors that govern broader cycles of growth and decline in the general economy,\u201d he stated.<\/p>\n<p><h2 class=\"jeg_block_title\"><span>Related Reading<\/span><\/h2>\n<\/p>\n<p>These growth phases, propelled by technological advancements or heightened investor enthusiasm, often culminate in over-leverage, at times leading to fraud or strain across the industry. Ultimately, something \u201cbreaks\u201d triggering a market correction\u2014such as the 2014 <a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/bitcoin-price-hope-mt-gox-delays-repayment-plan-until-october-2025\/\" target=\"_blank\">Mt. Gox failure<\/a> or the 2018 SEC crackdown on ICOs.<\/p>\n<p>Hougan describes the ongoing crypto rally as the \u201cMainstream Cycle,\u201d which emerged from the considerable deleveraging of 2022 caused by <a href=\"https:\/\/www.newsbtc.com\/news\/ftx-scam-crypto-sam-bankman-fried-story\/\" target=\"_blank\">collapses like FTX,<\/a> Three Arrows Capital, and others. According to his observations, the recent bullish phase began in March 2023 when Grayscale convincingly \u201cwon the opening argument\u201d in its legal dispute with the SEC regarding a spot Bitcoin ETF.<\/p>\n<p>\u201cBitcoin was valued at $22,218 when Grayscale presented its argument. Today, it trades at $102,674. The mainstream phase has commenced.\u201d Following the approval and launch of a spot Bitcoin ETF in January 2024, investor inflows surged, further solidifying Bitcoin\u2019s acceptance among retail and institutional investors alike.<\/p>\n<p>The most notable aspect of Hougan\u2019s examination is his analysis of the executive order issued by President Trump last week. The order not only classified the development of the US digital asset ecosystem as a \u201cnational priority\u201d but also initiated a clearer regulatory framework for cryptocurrencies.<\/p>\n<p><h2 class=\"jeg_block_title\"><span>Related Reading<\/span><\/h2>\n<\/p>\n<p>\u201cLast week, President Trump signed an executive order that was incredibly bullish for the sector, making me ponder,\u201d Hougan remarked, noting how the document lays out plans for a possible \u201cnational <a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/bitcoin-as-a-strategic-asset-cryptoquant-ceo-questions-uss-next-move\/\" target=\"_blank\">crypto reserve<\/a>\u201d and urges banks and financial institutions to enhance their adoption of digital assets.<\/p>\n<p>Alongside a more favorable attitude from the SEC, Hougan believes these initiatives could unleash trillions in new investments in the coming years, vastly exceeding the hundreds of billions expected from an ETF-driven market.<\/p>\n<p>Hougan\u2019s assessment acknowledges that Bitcoin has historically adhered to its tendency of experiencing pullbacks after substantial bull runs. However, with major Wall Street players and major banks ready to integrate crypto at every level, the likelihood of the market encountering the usual downturn in 2026 is increasing: \u201cIf the impacts are not felt until next year, will we truly see a new \u2018crypto winter\u2019 in 2026?\u201d he questioned. \u201cIf <a href=\"https:\/\/www.newsbtc.com\/news\/ethereum\/blackrock-ethereum-holdings-surpass-1-2-million-eth-amidst-strong-institutional-adoption-details\/\" target=\"_blank\">BlackRock<\/a> CEO Larry Fink is advocating for a $700k Bitcoin, can we genuinely expect a 70% decline?\u201d<\/p>\n<p>While he admits that leverage continues to escalate within the system\u2014citing a rise in Bitcoin-backed lending schemes, derivatives, and leveraged exchange-traded products\u2014he also points out an increasingly varied group of crypto investors. He argues that this variety could mitigate severe downturns. \u201cMy prediction is that we haven\u2019t entirely overcome the four-year cycle. Leverage will accumulate as the bull market develops. Excess will emerge. Unscrupulous participants will show up. And at some juncture, a sharp pullback could occur when the market becomes overly inflated,\u201d Hougan contended.<\/p>\n<p>Nevertheless, Hougan anticipates that any forthcoming market correction will be \u201cshorter and less severe\u201d than previous cycles. Given that the industry\u2019s infrastructure is now considerably more solid and mainstream participants perceive crypto as a legitimate asset class, a dramatic bear market akin to those of 2014 or 2018 seems less probable. \u201cFor now, it\u2019s full steam ahead,\u201d he concluded. \u201cThe crypto train is departing the station.\u201d<\/p>\n<p>At the time of press, BTC was valued at $105,275.<\/p>\n<figure id=\"attachment_686215\" aria-describedby=\"caption-attachment-686215\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-686215\" class=\"wp-caption-text\">Bitcoin price reclaims $105,000, 4-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/BcKYxqaN\/\" target=\"_blank\">BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL.E, chart from TradingView.com<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/no-more-bitcoin-bear-market-fund-cio\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. In a recent note to investors published on January 29, 2025, Matt Hougan, the Chief Investment Officer at Bitwise, raised doubts about the potential conclusion of Bitcoin&#8217;s historical four-year market cycle. His arguments are anchored in significant changes in US policy towards cryptocurrencies, underscored by a recent executive<\/p>\n","protected":false},"author":3,"featured_media":7946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[1071],"class_list":["post-7945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-no-more-bitcoin-bear-markets-fund-cio-explores-new-reality-gpt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. In a recent note to investors published on January 29, 2025, Matt Hougan, the Chief Investment Officer at Bitwise, raised doubts about the potential conclusion of Bitcoin&#8217;s historical four-year market cycle. His arguments are anchored in significant changes in US policy towards cryptocurrencies, underscored by a recent executive\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/\" \/>\n<meta property=\"og:site_name\" content=\"WSJ-Crypto\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-30T09:43:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png\" \/>\n\t<meta property=\"og:image:width\" content=\"3628\" \/>\n\t<meta property=\"og:image:height\" content=\"1675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"wsjcrypto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Scritto da\" \/>\n\t<meta name=\"twitter:data1\" content=\"wsjcrypto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minuti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/\",\"url\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/\",\"name\":\"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto\",\"isPartOf\":{\"@id\":\"https:\/\/wsj-crypto.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png\",\"datePublished\":\"2025-01-30T09:43:46+00:00\",\"author\":{\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7\"},\"breadcrumb\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#breadcrumb\"},\"inLanguage\":\"it-IT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage\",\"url\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png\",\"contentUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png\",\"width\":3628,\"height\":1675,\"caption\":\"Bitcoin price\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wsj-crypto.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wsj-crypto.com\/#website\",\"url\":\"https:\/\/wsj-crypto.com\/\",\"name\":\"WSJ-Crypto\",\"description\":\"Just Another Crypto News Website\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wsj-crypto.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"it-IT\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7\",\"name\":\"wsjcrypto\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g\",\"caption\":\"wsjcrypto\"},\"url\":\"https:\/\/wsj-crypto.com\/index.php\/author\/wsjcrypto\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/","og_locale":"it_IT","og_type":"article","og_title":"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto","og_description":"Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. In a recent note to investors published on January 29, 2025, Matt Hougan, the Chief Investment Officer at Bitwise, raised doubts about the potential conclusion of Bitcoin&#8217;s historical four-year market cycle. His arguments are anchored in significant changes in US policy towards cryptocurrencies, underscored by a recent executive","og_url":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/","og_site_name":"WSJ-Crypto","article_published_time":"2025-01-30T09:43:46+00:00","og_image":[{"width":3628,"height":1675,"url":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png","type":"image\/png"}],"author":"wsjcrypto","twitter_card":"summary_large_image","twitter_misc":{"Scritto da":"wsjcrypto","Tempo di lettura stimato":"3 minuti"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/","url":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/","name":"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape - WSJ-Crypto","isPartOf":{"@id":"https:\/\/wsj-crypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage"},"image":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage"},"thumbnailUrl":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png","datePublished":"2025-01-30T09:43:46+00:00","author":{"@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7"},"breadcrumb":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#breadcrumb"},"inLanguage":"it-IT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/"]}]},{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#primaryimage","url":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png","contentUrl":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/01\/BTCUSDT_2025-01-30_08-02-00.png","width":3628,"height":1675,"caption":"Bitcoin price"},{"@type":"BreadcrumbList","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/30\/breaking-the-bitcoin-bear-insights-from-a-fund-cio-on-a-shifting-landscape\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wsj-crypto.com\/"},{"@type":"ListItem","position":2,"name":"Breaking the Bitcoin Bear: Insights from a Fund CIO on a Shifting Landscape"}]},{"@type":"WebSite","@id":"https:\/\/wsj-crypto.com\/#website","url":"https:\/\/wsj-crypto.com\/","name":"WSJ-Crypto","description":"Just Another Crypto News Website","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wsj-crypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"it-IT"},{"@type":"Person","@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7","name":"wsjcrypto","image":{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g","caption":"wsjcrypto"},"url":"https:\/\/wsj-crypto.com\/index.php\/author\/wsjcrypto\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/7945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/comments?post=7945"}],"version-history":[{"count":2,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/7945\/revisions"}],"predecessor-version":[{"id":7948,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/7945\/revisions\/7948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/media\/7946"}],"wp:attachment":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/media?parent=7945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/categories?post=7945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/tags?post=7945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}