Crypto bear market may have ended in Q4, Bitwise says
The final three months of 2025 might have marked a turning point for crypto, even though prices didn’t show it, according to a Wednesday report from Bitwise, a company that handles digital assets.
Matt Hougan, who oversees investments at Bitwise, told clients that the last quarter created a puzzling situation. While the value of cryptocurrencies fell during most of the period, other measurements showed the industry getting stronger.
Activity from users, information recorded on blockchains, and money earned by companies all went up.
Similar pattern seen after FTX collapse
Hougan drew comparisons to early 2023, right after the FTX exchange went under. Back then, crypto seemed stuck even though things were actually getting better…
