CRYPTO 101 Ep. 692 Are We Coming out of a Bear Market!? & 2026 Outlook with Bitwise's Matt Hougan
Nov 25, 2025
In this engaging discussion, Matt Hougan, Chief Investment Officer of Bitwise and a leading voice on ETF and crypto strategies, shares insights on the current crypto market. He explains how fundamentals appear strong despite a recent bear market, driven by large holders utilizing covered-call strategies. Matt discusses the role of ETFs as gateways for broader crypto adoption and the implications of tax uncertainty on staking. Looking ahead, he highlights potential growth catalysts for 2026, emphasizing the importance of long-term investment perspectives.
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BESOL's Fast Launch During Shutdown
- Bitwise launched the BESOL Solana ETF which pulled in large flows despite the bear market.
- The ETF launched during the shutdown because it was already near final SEC feedback.
UBTI Uncertainty Holds Back Staked ETFs
- Tax uncertainty over staking income (UBTI) can block retirement flows into staking ETFs.
- Clearing UBTI status is crucial to unlock allocations from big wire houses and retirement accounts.
Regulatory Technicalities Can Cripple Access
- Basel capital rules nearly made bank interaction with crypto impossible but last-minute pushes softened the impact.
- Obscure international rules can materially restrict industry access if not challenged.
