Bitcoin, Ethereum Are In 'Crypto Winter', But Spring Is Not Far Off, Bitwise's Matt Hougan Says

Benzinga01:41

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are in “crypto winter”, according to Bitwise Chief Investment Officer Matt Hougan, who says the end may be closer than investors think.The Hidden ...

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Institutions simply papered over that reality for certain assets temporarily.Why Good News Doesn’t MatterHougan pointed why crypto prices keep falling despite positive developments in regulation and institutional adoption. Good news gets ignored in bear markets but doesn’t disappear—it builds as potential energy. Crypto winters don’t end in excitement. They end in exhaustion, despair, and malaise.The current environment mirrors the end stages of previous winters in 2018 and 2022. Bitcoin peaked in December 2017 and bottomed December 2018. It peaked again in October 2021 and bottomed in November 2022.If the winter started January 2025, we’re already 13 months in—suggesting the bottom could arrive soon rather than waiting until late 2026.What Could End The WinterThe Crypto Fear and Greed Index sits near all-time high levels of fear, which typically marks late-stage winter conditions.Strong economic growth sparking risk-on rallies, positive surprises on the Clarity Act, signs of sovereign Bitcoin adoption, or simply the passage of time could rekindle a rally.Image: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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