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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitwise CIO: Crypto Looks Like July 2024—Here’s What Happened Next

Jake Simmons
Jake Simmons
7 months ago
3 mins read
Bitwise CIO Hougan bitcoin crypto news

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In a memo released on February 25, 2025, Matt Hougan—Chief Investment Officer (CIO) at Bitwise Asset Management—drew striking parallels between today’s crypto market and what he observed in July 2024. Titled “Short-Term Pain, Long-Term Gain (Redux),” Hougan’s latest analysis suggests that, despite the current pullback, the industry’s underlying fundamentals remain as compelling as ever.

Crypto Echoes Of July 2024

Hougan opened his memo by recalling the environment in July 2024, when he penned an earlier piece called “Short-Term Pain, Long-Term Gain.” Back then, crypto markets were reeling: “Bitcoin, which had peaked above $73,000 in March 2024, had fallen to roughly $55,000, a 24% pullback. Ethereum was down 27% over the same time period.”

At the time, Hougan noted that “the crypto market is facing a weird dynamic right now. All the short-term news is bad, and all the long-term news is good.” He also cited catalysts such as potential ETF inflows, the upcoming Bitcoin halving, and more supportive policymaking in Washington, D.C., contrasting them with then-immediate risks like Mt. Gox distributions and government sales of Bitcoin.

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That analysis proved timely. “Shortly after I wrote the memo, Bitcoin bottomed and proceeded to rip straight to $100,000,” Hougan wrote. In his latest note, he sees a similar duality at play: negative short-term developments on one hand, and powerful long-term tailwinds on the other.

Yesterday, crypto markets were under renewed pressure: Bitcoin dropped at one point more than 10% to as low as $86,050, Ethereum by 18%, and Solana lower by 21%. The immediate trigger: last weekend’s hack of Bybit, a Singapore-based exchange, which suffered a $1.5 billion Ethereum theft via a phishing scam.

Though Bybit dipped into its reserves to make clients whole, the breach reverberated across the industry. The hack followed on the heels of a spate of memecoin scams, including Libra, endorsed by Argentine President and noted crypto proponent Javier Milei. The memecoin cost investors billions in what Hougan described as a “multi-billion-dollar scam.”

Moreover, Melania, a project tied to First Lady Melania Trump, also collapsed, causing substantial losses for token holders. Trump, a memecoin linked to US President Donald Trump fared no better.

“Taken together, these events probably spell the end of the recent memecoin boom,” Hougan commented. While many institutional and long-term crypto participants may view the memecoin sector with skepticism, its trading volume and buzz have fueled overall market activity—particularly in the Solana ecosystem.

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Despite the negative headlines, Hougan points to a robust foundation beneath crypto markets. First, Hougan highlights the pro-crypto regulation under the Trump administration. In his view, “We are in the early days of a massive shift in Washington’s attitude towards crypto.” He cites the US Securities and Exchange Commission’s recent decision to drop high-profile lawsuits against companies like Coinbase and ongoing legislative efforts around stablecoins and market structure. Such developments, he argues, will help crypto break into mainstream finance.

Second, institutional adoption is still growing. Large-scale buyers—including asset managers, corporations, and even governments—continue to accumulate Bitcoin. Hougan notes that so far this year, “investors have plowed $4.3 billion into bitcoin ETFs,” and he expects that figure to balloon to $50 billion by year-end.

Hougan also expects a stablecoin boom. Stablecoin assets under management have climbed to a record $220 billion, marking a 50% jump from last year. With favorable legislation making its way through Congress, Hougan believes the sector could grow to $1 trillion by 2027.

Lastly, the Bitwise CIO predicts the rebirth of DeFi and tokenization. Lending, trading, prediction markets, and derivatives see record heightened usage. Meanwhile, the tokenization of real-world assets continues to hit all-time highs in assets under management, suggesting that blockchain-based representations of traditional securities and commodities may be on the rise.

Hougan refers back to his July 2024 thesis to underline today’s opportunity. On the negative side, markets have to navigate aftershocks from Bybit’s massive hack and the implosion of multiple memecoin projects. On the positive side, regulatory clarity, institutional inflows, stablecoin expansion, and DeFi innovation continue unabated.

“This is what I call a no-brainer,” Hougan wrote, underscoring his stance that serious long-term factors overwhelmingly outweigh the short-term setbacks. He does offer a measured warning, noting this pullback may prove more pronounced than last summer’s dip: “The memecoin boom was large, and the hangover could be more significant. It might take days, weeks, or months to work through it.”

Yet his conclusion remains firm: the long-term growth narrative remains intact. “When that happens, I like my money on the long term,” he stated, reiterating that patience can be rewarded in a market often swayed by headline-driven volatility.

At press time, BTC traded at $88,349.

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BTC price, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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