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Matt Hougan identifies the key distinction of the current Bitcoin cycle compared to earlier ones., 2026/04/08 12:45:37
The Chief Investment Officer of Bitwise, Matt Hougan, stated that a significant distinction between the current Bitcoin cycle and earlier ones lies in the change of asset ownership structure.
According to him, the “old whales” who purchased Bitcoin at very low prices several years ago are utilizing the current levels to realize profits. Although the sales made by this group of investors create temporary selling pressure, Hougan believes this is part of a healthy cycle.
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“The proportion of large investors is gradually increasing, while the influence of retail participants is diminishing. This alters market dynamics: volatility becomes more contained, and trends develop over a longer period,” he remarked.
Hougan pointed out that due to Bitcoin spot exchange-traded funds (ETFs), the leading cryptocurrency is being significantly acquired by pension funds and asset management firms. In his view, this trend can be seen as a strong bullish signal.
The executive added that these investors are focused on long-term strategies, which could result in a supply-demand imbalance favoring an increase in Bitcoin’s price.
Previously, Hougan mentioned that for Bitcoin to reach the $1 million mark, it would only need to capture about one-sixth of the global market for assets used for value preservation.
