Crypto Bear Market Shows ‘Attributes of a Real Bottom’ With Wall Street Behind It, Bitwise's Matt Hougan

That also extends beyond Bitcoin.

Bitcoin’s ‘Pancake’ Price Action Could Signal A Bottom

"Bitcoin has been a $64,000 pancake at historically low levels of volatility," which is encouraging rather than concerning, Hougan pointed out.

“Bear markets die in apathy,” he added, arguing that bottoms become more credible when markets stop reacting negatively to bad news.

Bitcoin has absorbed falling odds of the CLARITY Act passing, broader equity-market volatility and other bearish catalysts without suffering another major breakdown.

“Anyone who was going to sell sold,” Hougan said, adding that volatility may now be building beneath the surface.

His expectation is that suppressed volatility will eventually be released to the upside. “It does have the attributes of a real bottom,” Hougan stressed.

The widely held expectation for another Bitcoin low around October makes him somewhat cautious.

While BTC could still trade into the $50,000 range, Hougan expects prices to finish the year higher and believes the potential upside now outweighs the remaining downside.

Is Tokenization Next Megatrend?

Hougan expects tokenization to accelerate even if crypto regulation bill remains stalled, with regulators potentially advancing rules independently.

With just $300 billion in assets currently on-chain versus hundreds of trillions globally, he sees significant room for growth as financial assets move toward 24/7 blockchain-based markets.

Ethereum could be a major beneficiary given its stablecoin and tokenization dominance, alongside Solana and other networks.

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