Bitcoin Bull Run Just Starting, Says Bitwise’s Matt Hougan
Bitcoin’s recent all-time high is just the beginning of a long-term uptrend, according to Matt Hougan, Investment Director at Bitwise Asset Management.
“This is not the peak—this is the kickoff,” Hougan said, pointing to institutional interest and macroeconomic pressures as key drivers.
Over the last 30 days, more than $8 billion has flowed into Bitcoin ETFs. Hougan explained this influx creates strong demand against Bitcoin’s limited supply, pushing prices higher.
Fiat Fears Boost Bitcoin’s Appeal
Hougan noted that U.S. fiscal decisions are also reshaping investor behavior. Massive budget deficits and continued money printing have weakened confidence in fiat currencies.
“These policies are turning investors away from the dollar and toward Bitcoin,” he said. “The U.S. is no longer serious about budget cuts. That erodes trust in long-term dollar value.”
He also referenced the rising yields on long-term U.S. bonds and changing global markets like Japan as signs of a shift away from debt-driven investing.
Why Altcoins Aren’t Keeping Up
Bitcoin’s standout performance hasn’t been matched by altcoins—and Hougan says that’s expected.
“Bitcoin plays the role of digital gold,” he explained. “Ethereum, Solana, and other tokens are more like tech stocks. They follow a different rhythm.”
While altcoins might lag during Bitcoin-led rallies, Hougan believes they still offer long-term value—but in a very different context.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
