The Milk Road Show Bitcoin’s Next Move Hinges on THIS Date (April 15 Warning) w/ Matt Hougan & Ryan Rasmussen
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Mar 24, 2026 
Matt Hougan, Bitwise CIO known for crypto investing and ETF expertise, and Ryan Rasmussen, Bitwise investment pro focused on institutional strategy and tax dynamics. They discuss why Bitcoin shruggs off wars and oil shocks. They flag April 15 as a potential market pivot. They unpack stablecoin yield talks, the Clarity Act timing, and rising institutional demand.
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Tax Day Can Trigger Crypto Weakness Then Rally
- Bitcoin often weakens into U.S. tax day then rallies after April 15 as investors sell to pay tax bills.
- Matt Hougan says anecdotal historical pattern: selling pressure before tax freedom day, then liquidity returns and a rally afterward.
Bitcoin Sniffs Forward Liquidity And Risk
- Bitcoin behaves on crypto-specific cycles and often front-runs risk/liquidity shifts rather than following macro headlines.
- Matt Hougan calls Bitcoin a sensitive canary for forward liquidity and emerging risk, not a simple risk or hedge asset.
Treat April As The Legislative Deadline
- Push for the Clarity Act to pass by end of April because legislative momentum fades after May.
- Matt Hougan warns missing the April window makes passage this year unlikely due to election-season priorities.