Bitwise CIO Matt Hougan says retail crypto investors are at peak levels of desperation after Bitcoin’s nosedive below $100,000.
In a new interview with CNBC, Hougan says a “tale of two markets” has unfolded, with retail crypto investors facing leverage blowouts, vault issues and depressed sentiment, signaling a bottom is close.
Hougan remains optimistic, predicting a rally into year-end and 2026 as institutions drive demand, viewing crypto’s yearly returns positively.
He sees Bitcoin likely hitting new highs above $125,000 by year-end.
“I think you could see some positioning into Bitcoin in the end of the year by financial advisors who want to show their clients that they understand where this market is going. Whether we’ll get all the way to $150,000 we’ll have to see, but I wouldn’t write off that probability.
I do think the sellers are nearing exhaustion and the buyers are still relatively hungry. And when those two things sort of cross paths again, I think we could end the year close or at new all-time highs.”
Hougan also highlights Bitwise’s Solana staking ETF, which launched one week ago on the NYSE and attracted $417 million in inflows, including $67 million on Tuesday, making it the fastest-growing new ETF of 850 this year.
Moving into 2026, Hougan forecasts all payments shifting to stablecoins and assets to blockchains, accelerated by the Genius Act, comparing it to email replacing letters for speed and cost.
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