In the note published on February 25, 2025, Matt Hougan-Investment Investment (CIO) in BitWise Asset Management-Wrosło to the striking similarities between today’s cryptographic market and what he observed in July 2024 (Redux) “, the latest Hougana analysis suggests, that despite the current withdrawal of the basic foundations The industry remains as convincing as always.

Echo of cryptography from July 2024.

Hougan opened his note, remembering the environment in July 2024, when he wrote an earlier song entitled “Short -term pain, long -term profit”. At that time, cryptographic markets took place: “Bitcoin, which reached the highest level above $ 73,000 in March 2024, dropped to around $ 55,000, which is 24%. Ethereum fell by 27% in the same period. “

At that time, Hougan noticed that “the cryptographic market is now in the face of strange dynamics. All short -term messages are bad, and all long -term messages are good. “He also cited catalysts such as the potential influence of ETF, the upcoming half of the Bitcoins and more supporting politics in Washington, contrasting with their risk, such as Mt. distribution Gox and sales of government Bitcoin.

This analysis turned out to be timely. “Shortly after writing the Bitcoin bottom and he began to tear straight to $ 100,000,” Hougan wrote. In his latest note, he sees a similar duality in the game: negative low -term achievements on the one hand and powerful long -term winds on the other.

Yesterday, cryptocurrency markets were under pressure: Bitcoin fell at one point by more than 10%to just 86,050 USD, Ethereum by 18%, and Solana lower by 21%. Direct trigger: Hack of Bybit, Singapore stock exchange last weekend, which suffered the theft of Ethereum worth $ 1.5 billion via phishing fraud.

Although Bybit immersed himself in reserves to make customers in its entirety, the violation rang in the industry. Hack followed the heels of Memecoin fraud, including a weight, supported by the Argentine president and a well -known cryptographic supporter Javier Milei. Memecoin cost investors billions in what Hougan described as “a fraud of many billion dollars.”

In addition, Melania, a project related to the first lady of Melania Trump, also collapsed, causing significant losses for token owners. Trump, Memecoin associated with the US President Donald Trump, was not doing better.

“To sum up, these events probably mean the end of the recent Memecoin boom,” commented Hougan. While many participants of institutional and long-term cryptocurrencies can see the memecoin sector skepticism, its commercial volume and noise have fueled general market activity-especially in the Solana ecosystem.

Despite the negative headers, Hougan indicates a solid foundation under cryptographic markets. First of all, Hougan emphasizes the regulation of Pro-Crypto within the Trump administration. In his opinion, “we are at the beginning of a huge change in Washington’s ratio to cryptography.” He cites the last decision of the Security Committee and the US Exchange on abandoning clamorous processes towards companies such as Coinbase and ongoing legislative efforts regarding Stablecouins and the market structure. He claims that such achievements will assist cryptographic transfer to the finances of the mainstream.

Secondly, institutional adoption is still growing. Buyers on a immense scale-in this asset managers, corporations, and even governments-use the accumulation of bitcoins. Hougan notes that so far this year “investors plowed $ 4.3 billion on ETF Bitcoin” and expects this number to be a balloon up to $ 50 billion by the end of the year.

Hougan also expects Stablecoin boom. Stablecoin management assets increased to a record -breaking $ 220 billion, which means an augment of 50% compared to last year. Thanks to favorable regulations passing through the Congress, Hougan believes that the sector can augment to $ 1 trillion by 2027.

Finally, CIO BitWise provides for default and tokenization. Loans, trade, prognostic markets and derivative instruments see record apply. Meanwhile, the tokenization of assets in the real world still reaches the highest levels in managed assets, which suggests that based on blockchains of customary securities and goods may grow.

Hougan refers to his thesis of July 2024, which, to emphasize today’s opportunity. On the other hand, markets must navigate secondary shocks from the massive hack Bybita and the implosion of many Memecoin projects. On the other hand, regulatory transparency, institutional inflows, Stablecoin expansion and DEFI innovations are still incompatible.

“This is what I call without thinking,” Hougana, emphasized his position that sedate long-term predominant factors prevail short-term failures. It offers a measured warning, noting that this withdrawal may be more clear than immersing last summer: “Boom Memecoin was large and the hangover may be more significant. Working through him may take days, weeks or months. “

However, his conclusion remains firm: long -term growth narrative remains intact. “When this happens, I like my money in the long term,” he said, repeating that patience can be rewarded on the market with a frequently swayed header.

During the BTC press it traded at USD 88,349.

A distinguished painting created from Dall.e, chart from tradingview.com