CRYPTO 101

Ep. 692 Are We Coming out of a Bear Market!? & 2026 Outlook with Bitwise's Matt Hougan

Nov 25, 2025
Guest
Matt Hougan
In this engaging discussion, Matt Hougan, Chief Investment Officer of Bitwise and a leading voice on ETF and crypto strategies, shares insights on the current crypto market. He explains how fundamentals appear strong despite a recent bear market, driven by large holders utilizing covered-call strategies. Matt discusses the role of ETFs as gateways for broader crypto adoption and the implications of tax uncertainty on staking. Looking ahead, he highlights potential growth catalysts for 2026, emphasizing the importance of long-term investment perspectives.
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INSIGHT

Strong Fundamentals Vs Short-Term Bear Forces

  • Bitcoin's fundamentals are extremely strong despite short-term shocks.
  • Matt Hougan thinks the recent six-month drawdown is a bear market that's likely near its end.
INSIGHT

Covered Calls Explain Hidden Selling

  • Much selling is economically equivalent to selling but hides on-chain because holders write covered calls.
  • Covered-call income lets long-term holders de-risk without creating on-chain transfer events.
ADVICE

Use Custodians And Roll Calls Carefully

  • Use institutional custodians when implementing covered-call strategies to avoid operational risk.
  • Keep assets at custodian and roll options before exposures create margin issues.
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