The Milk Road Show

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

14 snips
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

Institutional Stack Is Eating Bitcoin

  • Bitcoin is climbing the institutional stack: family offices, endowments, sovereign wealth funds, then central banks.
  • Hougan expects central banks will eventually study and likely buy Bitcoin, completing institutional adoption.
INSIGHT

Seasonality And Macro Tailwinds Point To Q4

  • Bitcoin shows strong seasonality with November historically the best month and Q4 often strong.
  • Ryan Rasmussen expects easing macro conditions plus seasonal flows to drive a robust Q4 and ETF inflows.
ADVICE

Don't Blame An Invisible Market Oz

  • Avoid conspiracy narratives about coordinated market manipulation; attribute most moves to natural market forces.
  • Matt Hougan and Ryan Rasmussen say traders move prices on the margin, but not orchestrate the entire market.
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