MARKETS: The Shortest Bear Market Ever w/ Matt Hougan of Bitwise

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Matt Hougan, CIO of Bitwise, joins us to talk about the current state of the crypto winter and when the bottom is finally in. We explore the digital gold narrative, explaining why central bank buying—not debasement—drove gold’s recent surge. Matt details the institutional vs. retail divide, the impact of Fed Chair Kevin Warsh, and the looming debate over Bitcoin’s security budget. Plus, we tackle the quantum discount and how AI agents could 1000x on-chain activity.

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Notes:

* Altcoins like Sui and Aptos fell 70%+ in 2025.

* Institutions might end the winter by Q2 2026.

* BTC volatility capped at 50-60% drawdowns.

* Gold price surge driven by central bank buys.

Timestamps:

00:00 Start

03:22 Is it still "crypto winter"?

04:34 Why January?

06:36 Market segments

08:31 Gold

10:54 Central banks & Bitcoin

12:56 Causes of the crash

14:52 Kevin Warsh

16:58 Fed hawks become doves

17:34 Quantum... oh so scary!

19:59 Bitcoin Core

21:44 Revenue

24:37 Beyond "digital gold" narrative

26:44 AI

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