TechFlow news — On June 24, Matt Hougan, Chief Investment Officer at Bitwise, posted on X that bitcoin investing has been frustrating over the past year. He noted that various mechanisms in bitcoin's history artificially pulled forward future demand, with Grayscale’s GBTC being the main culprit. Hedge funds traded at premiums, causing GBTC to pull forward tens of billions of dollars in future demand. Additionally, the Mt. Gox bankruptcy and seized Silk Road bitcoins had similar effects on the market.
Hougan added that most of these lingering issues have now been largely resolved—GBTC assets, for example, are stabilizing—though some unresolved matters continue to weigh on the current crypto market. He stated that once these remaining issues are fully cleared, new demand will translate more directly into price appreciation.
