The Wolf Of All Streets "Bitcoin Is In A Bear Market & This Is Why It Feels Different" | Ben Cowen
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Jan 18, 2026 
Ben Cowen, a quantitative Bitcoin analyst, shares insights on why the current bear market feels distinct, drawing parallels to the muted peaks of 2019. He highlights a lack of retail euphoria and diminished altcoin interest. Cowen links market dynamics to the Fed's balance sheet and emphasizes the need for a weakening stock market to reignite crypto liquidity. He outlines a cautious long-term strategy for Bitcoin, advising diversification and time-based buying without precise price targets. His measured analysis sheds light on navigating this uncertain phase.
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Liquidity Timing Mirrors 2019
- The October top preceded the Fed balance-sheet expansion, mirroring 2019's timing.
- That alignment suggests liquidity policy, not crypto-specific narratives, drove subsequent moves.
Alts Didn't Rally, Money Went To Metals
- Many altcoins failed to participate in the bull market, causing broader crypto interest to crater.
- As a result, capital rotated to metals and lower-risk assets rather than altcoins.
Metals As The Current Bull Market
- Cowen sees a regime shift with investors favoring metals versus frothy crypto risk.
- He expects metals to keep outperforming until a durable liquidity shift occurs.