TechFlow News: According to a report by The Block on February 3, Bitwise CIO Matt Hougan stated in his latest client memo that the crypto market has been in a “full-blown crypto winter” since January 2025, with Bitcoin down approximately 39% and Ethereum down approximately 53%. He noted that ETFs and digital asset custodians have purchased over 744,000 bitcoins (roughly $75 billion), masking the market’s underlying weakness. Nevertheless, Hougan believes the market is currently closer to recovery than to further decline, highlighting ongoing structural progress in areas such as regulatory developments, institutional adoption, and tokenization. He added that crypto winters typically end not with excitement but with exhaustion—and that the current sense of despair and fatigue resembles conditions seen at previous market bottoms.
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