Matt Hougan, chief investment officer at Bitwise, told Bloomberg that Bitcoin’s refusal to react to negative headlines may signal the bear market has run its course. He pointed to several setbacks the asset absorbed without notable price damage: Michael Saylor’s sale of Strategy’s Bitcoin reserves, the declining odds of the Clarity Act passing, and the $116 million Coldcard hardware wallet exploit. Hougan estimated that large wealth management platforms represent Bitcoin’s next marginal buyer, noting that Bitwise processed $600 million to $700 million in tax-free in-kind ETF conversions over the past year. He also recommended that a hypothetical million-dollar Bitcoin holder keep most of their assets in ETFs rather than self-custody.
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