Bitwise says Q4 showed signs of a bear market bottom

Bitwise’s Matt Hougan argued crypto markets performed poorly in Q4 despite strong fundamentals, similar to early 2023 when crypto rebounded from 2022 lows.

The fourth quarter of 2025 potentially marked the end of the crypto bear market, according to a new report from crypto asset manager Bitwise.

In the report shared on Wednesday, Bitwise chief investment officer Matt Hougan said that Q4 was full of mixed signals, with the crypto market performing poorly despite strong underlying fundamentals. 

He argued that a similar setup had occurred in the first quarter of 2023, which saw the prices of crypto assets like Bitcoin (BTC) rebound from the FTX collapse, climbing from around $16,000 in 2023 to $98,000 by the start of 2025. 

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