ChainCatcher news, according to Cointelegraph, Bitwise Asset Management Chief Investment Officer Matt Hougan attributed the recent pullback in the crypto market to "the natural clearing of leverage," and emphasized that "the long-term drivers remain intact, and we are still in a strong bull market."

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan expressed his views on X, detailing why he believes the current bullish trend in the cryptocurrency market will continue.Despite the Federal Reserve's latest policy statement causing a short-term shock to the market—reducing next year's rate cut expectations from 4 times to 2 times—Hougan believes this is merely a brief interlude in the bull market process. He pointed out that the cryptocurrency market has developed an endogenous momentum independent of Federal Reserve policy, with four core trends continuously driving industry development:Washington's regulatory attitude has clearly shifted to a more supportive stance.Institutional investors are entering the market at an accelerated pace, with ETF funds continuing to flow in.Government and corporate entities are strategically increasing their Bitcoin holdings.Breakthroughs in programmable blockchain technology.From a technical perspective, Bitcoin's 10-day exponential moving average (approximately $102,000) continues to stay above the 20-day moving average (approximately $99,000). Hougan stated that this classic technical indicator has historically reflected market trends well.Hougan emphasized that the cryptocurrency market is in a new multi-year bull market cycle, and he expects that a 50bps rate cut will not change this.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on X: "People's mental model of Ethereum is outdated. The general consensus is that Solana is cheap/simple/fun, while Ethereum is slow/clunky/expensive.But look at what's happening in the AI agent space. Some of the most exciting 'fun' projects, like Clanker and Virtuals, are unfolding on Ethereum through Base. They feel like Solana projects, but that's not the case.If Ethereum can retain its institutional credentials while improving usability, then 2025 could indeed be a great year. This is the Layer2 network thesis playing out in real time."

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on the X platform that when Bitcoin reaches $1 million, those who did not invest in Bitcoin will regret missing obvious bullish signs, such as:A former U.S. president giving a keynote speech at a Bitcoin conference;BlackRock suggesting a 2% allocation to Bitcoin in investment portfolios;Bitcoin ETFs being one of the most successful ETFs of all time;Investors like Ray Dalio saying you should hold Bitcoin.In hindsight, incredible investments are always obvious, and Bitcoin is now eagerly attracting people's attention.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on the X platform that Bitcoin has now attracted "value" buyers. One of the reasons for Bitcoin's past severe pullbacks was that every time BTC started to pull back, people began to worry that it would go to zero.Now that concern is gone, and more and more investors are looking for entry points. Of course, the market has not eliminated volatility, but it is indeed believed that the severity of pullbacks has currently decreased.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan stated on the X platform: "Microstrategy has purchased 212,000 bitcoins in the past 12 months, exceeding the amount that the Bitcoin network is expected to produce in the next 12 months (estimated at 164,000 bitcoins).People underestimate the importance of corporate purchases of Bitcoin because they forget how scarce the supply of Bitcoin is. Corporations already hold 900,000 bitcoins, and the pace of purchases is accelerating."

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan stated today that every year we survey hundreds of financial advisors and ask them what is holding them back from investing in cryptocurrencies. Every year, they tell us that regulatory issues are the number one reason. This is one of the reasons why this election will change the game for cryptocurrencies. In the coming months, we will see a wave of institutional capital.

ChainCatcher news, according to The Block, Bitwise Chief Investment Officer Matt Hougan stated that $500,000 is the "mature price level" for Bitcoin, and the market remains in its early stages before Bitcoin reaches the $500,000 level.In a letter to investors, Matt Hougan pointed out that the crypto market may pull back—given the rapid and significant increase—but a $100,000 Bitcoin seems just around the corner.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan recently expressed the view that while prediction markets are not new, Polymarket has brought unprecedented global scale and liquidity through its crypto-native features.Hougan emphasized that a prediction market without participants placing bets cannot truly be called a prediction market, and Polymarket's crypto-native characteristics have helped it achieve the scale and liquidity necessary to become an effective prediction market.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on the X platform that 7 factors may drive Bitcoin to reach $100,000, including:ETF flow re-accelerationUpcoming U.S. electionsInfinite deficit (bipartisan agreement in the U.S.)Economic stimulus in ChinaGlobal interest rate cuts (Federal Reserve, European Central Bank)The impact of supply halving beginning to showWhales are accumulating

ChainCatcher news, according to The Block, Bitwise CIO Matt Hougan stated that the three conditions necessary for Bitcoin to rebound to over $80,000 in the fourth quarter are the results of the U.S. elections, the economic situation, and no major surprises in the crypto industry. However, to "fully rise" to $100,000 in just a few months, a broader cryptocurrency rebound is needed to boost market sentiment. By the end of 2023, Bitwise predicts that Bitcoin will double from its then price of $42,400, reaching over $80,000 by the end of this year, with the approval of a U.S. spot Bitcoin ETF and Bitcoin's fourth halving event as catalysts.In a memo to clients on Wednesday, Hougan maintained this prediction, stating that the ideal election outcome is to avoid a complete Democratic victory. He believes that a Republican win would be beneficial for the crypto industry, but there are mixed attitudes towards cryptocurrencies within the Democratic Party. Current prediction markets show a 53% chance of Trump winning. Economically, Hougan suggests that two rate cuts totaling 50 basis points are needed before the end of the year, along with additional fiscal stimulus from China. He emphasized that people's trust in Bitcoin stems from distrust in government monetary management. Additionally, the crypto industry needs to remain stable, avoiding major hacks, lawsuits, or sudden influxes of locked coins into the market.

ChainCatcher news, Matt Hougan, the Chief Information Officer of the cryptocurrency asset management company Bitwise, stated that the three main factors influencing the possibility of Bitcoin "rising" to $80,000 this quarter are the results of the U.S. election, the economy, and no significant surprises in the cryptocurrency industry.By the end of 2023, Bitwise predicts that the price of Bitcoin will double from the then-current $42,400, reaching over $80,000 by the end of this year, noting that the approval of a U.S. spot Bitcoin exchange-traded fund and Bitcoin's fourth halving event are catalysts.

ChainCatcher news, according to The Block, Bitwise Chief Investment Officer Matt Hougan expects a significant rise in cryptocurrency after the current macro uncertainty begins to dissipate in October and November.At this stage, although the market generally believes that the Federal Reserve will cut interest rates, the likelihood of a 50 basis point cut in September has decreased. However, with Wednesday's CPI data and next week's key Federal Reserve meeting approaching, the possibility of a cut exceeding 125 basis points by December has increased.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan posted on social media that since Harris announced her candidacy to replace Biden for the next U.S. presidential election, BTC has dropped by 8.68% and ETH has dropped by 26.19%.

ChainCatcher news, Bitwise Chief Information Officer Matt Hougan stated that institutional investors are adopting Bitcoin spot ETFs faster than any ETF in history. Since its launch in January, the Bitcoin spot ETF has attracted a net inflow of $17.5 billion. The Bitcoin spot ETF is currently leading in institutional adoption, whether measured by the number of institutions or assets under management.

ChainCatcher news, Bitwise Chief Information Officer Matt Hougan stated on social media that after reviewing the 13-F filings submitted by various institutions in recent days, he made some preliminary summaries based on the second quarter Bitcoin ETF holdings, including:Institutions are still increasing their holdings, and the trend continues: In Q2, 10 Bitcoin spot ETFs had a total of 1,924 institutional holders, up from 1,479 in Q1, representing an increase of about 30%. Considering that Bitcoin experienced a decline in Q2, this result is already quite impressive.Most institutional investors are diamond hands: The majority of institutional investors who allocated in Q1 held or purchased more positions in Q2. Among the filers in Q1, 44% of institutions increased their holdings in Bitcoin ETFs in Q2, 22% remained unchanged, 21% reduced their positions, and 13% exited completely.Hedge funds remain major holders: Most of the top holders of ETFs are mainstream hedge funds, including Millennium, Schonfeld, Boothbay, Capula, and others. However, there are also a significant number of advisors, family offices, and select institutional investors. Over time, we hope to see an increasing share from wealth management firms and pension funds.

ChainCatcher news, Bitwise CIO Matt Hougan posted that, setting aside emotions, history shows that the sell-off this weekend is a buying opportunity. He cited the example of the market crash on March 12, 2020, and stated that these changes indicate the importance of Bitcoin will continue to rise, not fall.The significant pullback in the cryptocurrency market may be self-reinforcing, creating a downward cycle that needs to exhaust itself before hitting the bottom. This is because, as prices fall, leveraged traders face margin calls and are forced to sell. Currently, there have been over $1 billion in futures liquidations, and it is still unclear whether the bottom has been reached.Matt Hougan stated that the real advice is to ignore short-term factors and look to the long term. Bitcoin is a volatile asset with large price swings. It has always been this way, and this situation will continue for some time. Moments like this once again prove that timing the market is foolish.

ChainCatcher news, Bitwise Chief Information Officer Matt Hougan believes that the market is "not optimistic enough" about Bitcoin, and after the Bitcoin 2024 conference, investors need to rethink the potential upside of this mainstream cryptocurrency.Hougan thinks that political support may be due to the increasing popularity of cryptocurrencies among Americans. The industry's strong lobbying influence in Washington has prompted many politicians to publicly support Bitcoin, even if their support is more about attracting its growing visibility rather than a genuine belief in its value.This shift in perspective and the growing popularity of Bitcoin have led Hougan to "rethink what is possible." Hougan points out that ideas once considered far-fetched are becoming increasingly plausible: G20 countries adding Bitcoin to their balance sheets to get ahead of the U.S., comprehensive crypto legislation passing swiftly due to bipartisan support, and Wall Street's large-scale acceptance of crypto.

ChainCatcher news, Bitwise's Chief Investment Officer Matt Hougan recommended a configuration strategy for cryptocurrency portfolios in his weekly memo. Hougan suggested an initial portfolio allocation of 60% Bitcoin ETP, 30% Ethereum ETP, and 10% cryptocurrency stock ETP.This configuration strategy captures the biggest opportunities in the cryptocurrency market, providing exposure to Bitcoin, Ethereum, and major cryptocurrency companies, reflecting their market capitalization and diverse applications within the cryptocurrency ecosystem.

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan stated that public holding management addresses should become the standard for crypto ETPs.Bitwise previously disclosed its spot Ethereum ETF ETH holding address and announced that it would donate 10% of the profits from the spot Ethereum ETF to Ethereum's open-source developers.