Bitwise Dismisses Conspiracy Theories Behind Bitcoin's Decline

Bitcoin's price has been fluctuating in recent times, with some attributing its decline to conspiracy theories surrounding firms like Jane Street. However, Bitwise Chief Investment Officer Matt Hougan dismisses these claims, stating that the reality is far more straightforward.

Hougan argues that long-term holders of Bitcoin sold their exposure due to various reasons such as four-year cycle patterns, quantum computing fears, and desires to invest in AI startups. These sales led to a consolidation in the market, with some traders unwinding leveraged positions and writing calls against their holdings.

Despite these claims, Hougan remains optimistic about Bitcoin's future, stating that the current situation is a classic case of a crypto winter. He believes that there will be a subsequent spring, where prices will recover and rise once again.