Bitwise CIO Declares Crypto Winter Since January 2025

Bitwise Asset Management's Chief Investment Officer Matt Hougan declared on Monday that the cryptocurrency market has been entrenched in a full-blown crypto winter since January 2025, with Bitcoin's recent slide below $75,000 signaling the downturn's persistence. The declaration came as Bitcoin dipped to $72,000 on February 3, reflecting broader declines across digital assets amid waning investor enthusiasm.

Hougan described the current phase as a severe bear market reminiscent of 2018 and 2022, driven by excess leverage and profit-taking from long-term holders. Bitcoin has fallen approximately 39 percent from its all-time high of over $119,000 in October 2025, while Ethereum has dropped about 53 percent. Many altcoins have suffered even steeper losses, with some declining 60 to 75 percent since early 2025. Hougan emphasized that this is not a mere correction but a prolonged downturn, noting, "This is not a bull market correction or a dip. It is a full-bore, 2022-like crypto winter."

A key factor mitigating the damage has been institutional support. Exchange-traded funds and digital asset treasuries accumulated more than 744,000 Bitcoins, valued at around $75 billion, during...