Bitwise CIO Matt Hougan says crypto winter began in January 2025, masked by ETF demand

Bitwise CIO Matt Hougan says the market slipped into a disguised bear phase in January 2025 as large institutional demand offset underlying weakness. He estimates 744,000 BTC, about $75 billion, were absorbed, leaving major assets down 10–20% while many retail-led altcoins fell 60–75%, and he expects stabilization to form into early 2026.