Bitwise CIO: Crypto Looks Like July 2024—Here’s What Happened Next
Matt Hougan, CIO at Bitwise Asset Management, released a memo on February 25, 2025, comparing the current crypto market to July 2024. He noted that despite recent market pullbacks, the fundamentals of the crypto industry remain strong. Bitcoin fell over 10% to around $86,050, while Ethereum and Solana also dropped significantly due to a $1.5 billion hack of Bybit and various memecoin scams. Hougan believes these negative events signal the end of the memecoin boom but emphasizes ongoing positive trends such as pro-crypto regulation, increasing institutional adoption, and a potential stablecoin boom. He predicts significant growth in stablecoin assets and a resurgence in decentralized finance (DeFi) and tokenization. Despite short-term challenges, Hougan maintains that long-term growth prospects in crypto are promising, urging patience among investors.
