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Bitwise: Crypto bear market likely bottomed in Q4 2025 amid stronger fundamentals

On January 22, 2026, Bitwise said the crypto market likely set a bear‑market bottom in Q4 2025, citing stronger fundamentals despite weak prices. The firm highlights record on‑chain activity, rising sector revenues, and stablecoins surpassing $300 billion in market cap, drawing parallels to early 2023.