Matt Hougan, Chief Investment Officer at Bitwise, stated that while Bitcoin's drop below $100,000, hitting a new low since June and sparking concerns about a "crypto winter," he believes the current market is closer to a bottom than the start of a new long-term bear market. Hougan noted that retail investors are currently in a state of "extreme despair," with frequent leveraged liquidations and market sentiment at record lows; however, institutional investors and financial advisors remain bullish, continuing to invest in Bitcoin and other crypto assets through ETFs. He pointed out that with the expansion of ETFs such as iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC), institutions are becoming a major driving force in the market. He anticipates that the market will still need to undergo a clearing of retail sentiment in the short term, but the bottom may be near. "I think Bitcoin still has a chance to reach new highs this year, potentially rising to the $125,000 to $130,000 range, and even reaching $150,000 if the trend is ideal," Hougan said. Bitwise's recently launched Solana staking ETF (BSOL) attracted over $400 million in inflows in its first week, but has since fallen nearly 20% in a recent pullback. Hougan believes that with continued institutional buying, the next phase of the crypto market will be driven by more rational capital. (CNBC)