{"id":72675,"date":"2026-02-17T06:03:31","date_gmt":"2026-02-17T06:03:31","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=72675"},"modified":"2026-02-17T06:03:31","modified_gmt":"2026-02-17T06:03:31","slug":"this-crypto-winter-much-healthier-than-previous-cycles-bitwise-cio","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=72675","title":{"rendered":"This Crypto Winter Much Healthier Than Previous Cycles: Bitwise CIO"},"content":{"rendered":"
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\u201cThe folks saying this [crypto] winter is worse than 2018 or 2022 don\u2019t remember 2018 or 2022,\u201d said Bitwise Chief Investment Officer Matt Hougan on Tuesday.<\/p>\n

In 2018, \u201cwe had $3,000 Bitcoin and a \u2018global computer\u2019 [Ethereum] with no applications and limited throughput,\u201d he said<\/a> before adding, \u201cIn 2022, we had a total market collapse and a regulator that wanted to put us out of business.\u201d<\/p>\n

Things are a little different today as we have \u201cstablecoins going to $3 trillion, tokenization going to $200 trillion, a positive regulatory climate, and better tokenomics,\u201d he said.<\/p>\n

Additionally, BlackRock and Apollo are building on DeFi, there is a \u201cmassively built out infrastructure,\u201d ETFs, and \u201crising concerns about fiat currency.\u201d<\/p>\n

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\u201cSo, yep, I\u2019m optimistic. It doesn\u2019t mean smooth sailing, but I\u2019m excited for the ride.\u201d<\/p>\n<\/blockquote>\n

Previous Bear Markets Were Apocalyptic<\/h2>\n

The current bear market has seen total capitalization decline<\/a> 49% from its peak of just below $4.4 trillion in October to its low of $2.23 trillion on Feb. 6. This is much shallower than previous bear markets, but it is not over yet.\u00a0In 2018, markets collapsed by 88%, and in 2022, they crashed by around 73% from the previous cycle peak to the bear market bottoms.<\/p>\n

The 2022 FTX crash \u201cwas dark,\u201d and 2018 \u201cwas borderline crypto extinction sentiment,\u201d commented<\/a> the Kobeissi Letter.\u00a0The March 2020 Covid crash was also apocalyptic, with markets tanking 56% in less than a month.<\/p>\n

The difference this time, as pointed out by Hougan, is that the fundamentals for crypto are much stronger.\u00a0Many analysts believe the current market slump is driven not by crypto-native factors but by broader macroeconomic and geopolitical concerns.<\/p>\n

Glassnode reported that Bitcoin\u2019s crash to $60,000 on Feb. 6 \u201cimposed drastic psychological pressure on \u2018diamond hands\u2019 comparable to the May 2022 Luna crash.\u201d<\/p>\n

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\u201cSimply put, long-term holders realized significant losses \u2014 a rare shift in conviction typically seen in deeper stages of bear markets.\u201d<\/p>\n<\/blockquote>\n

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The recent drop to $60k imposed drastic psychological pressure on \u201cdiamond hands,\u201d comparable to the May 2022 LUNA crash.
\nIn both cases, the 7D EMA of Long-Term Holder SOPR fell below 1 after trading for 1-2 years above it.
\nSimply put, long-term holders realized significant\u2026 pic.twitter.com\/xc6bXzwPYx<\/a><\/p>\n

\u2014 glassnode (@glassnode) February 16, 2026<\/a><\/p>\n<\/blockquote>\n