The Milk Road Show

Bitwise CIO: Bitcoin Will Follow Gold’s Playbook to Valhalla w/ Matt Hougan & Ryan Rasmussen

Oct 23, 2025
Matt Hougan, CIO of Bitwise and crypto ETF expert, joins Ryan Rasmussen, Head of Research at Bitwise, to delve into the intriguing dynamics of Bitcoin and gold. They explore why Bitcoin's price remains flat despite strong ETF demand. The duo discusses the potential for central banks to add Bitcoin to their reserves and evaluates historical patterns that may indicate a breakout this November. With insights on retail versus institutional trading behavior and recent regulatory developments, they provide a comprehensive look at the evolving crypto landscape.
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INSIGHT

Bitcoin Mimics Gold's Multi‑Year Trajectory

  • Gold's rapid rise is driven by persistent central bank buying that began in 2022.
  • Matt Hougan sees Bitcoin following the same multi-year path as ETFs exhaust sellers over time.
INSIGHT

Seller Exhaustion Precedes Explosive Rallies

  • Existing holders sell into strong new demand, and that selling eventually exhausts, allowing price spikes.
  • Hougan expects ETF-driven demand will wear down sellers and push Bitcoin much higher over time.
ADVICE

Buy Dips During Institutional Accumulation

  • Buy the dips and hold through the institutional adoption trend, according to Matt Hougan.
  • He frames persistent ETF demand as a reason to dollar-cost-average and maintain long-term positions.
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