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Matt Hougan identifies the primary catalyst for the recovery of the cryptocurrency market., 2026/02/19 12:50:59

The Chief Investment Officer of Bitwise Asset Management, Matt Hougan, stated that the cryptocurrency market, emerging from a bearish cycle, could elevate the decentralized finance (DeFi) sector.
According to the analyst, shifts in the governance of leading decentralized finance protocols and the influx of capital from major funds indicate a strengthening of the fundamental metrics within the segment.
“Bear markets present significant opportunities for those who are observant. Right now, one is developing in DeFi. Crypto investors are weary of promises; they want to see actual users, revenue, and value. DeFi fits this description perfectly. It will be the primary driver of the next bull market,” Hougan noted.
Investors are beginning to view DeFi not merely as an experimental ecosystem but as a legitimate financial segment capable of providing returns and stability over the long term.
Over the next 12 to 18 months, the cryptocurrency market may first exhibit stabilization, followed by growth. New innovations and the adoption of digital financial instruments will support the core crypto assets, Hougan concluded.
Previously, Tom Lee, co-founder of Fundstrat Global Advisors and chairman of BitMine Immersion Technologies, stated that the prolonged downturn in the cryptocurrency market is coming to an end—crypto winter has either already concluded or will do so by April at the latest.