Bitwise Sees Late 2025 Crypto Weakness as Market Bottom Ahead of 2026 Shift

On 22 January 2026, Bitwise released an outlook arguing that late 2025 market conditions resembled a crypto bottom rather than a continuing bear phase. The firm pointed to rising on-chain activity, growing revenues, and expanding stablecoin and DeFi usage, even as prices and sentiment remained subdued. Analysts remain divided on how 2026 will evolve, with some expecting prolonged macro pressure and others anticipating support from policy stabilization and clearer regulation.