Matt Hougan, the Chief Investment Officer of leading crypto asset manager Bitwise, has made a decisive call: the current crypto bear market officially began in January 2025. In his view, the sharp declines in Bitcoin and Ethereum, and the even steeper drops in altcoins, mark a clear “crypto winter.”
For young traders, this framing is crucial. Naming the phase changes the strategy. If Hougan is right, the focus shifts from asking “why is the market down?” to the more constructive question: “when and how will it recover?”
This perspective is empowering. It treats the downturn not as a failure, but as a predictable, recurring phase in a high-growth market. History shows that winters are when foundational projects are built and strategic positions are accumulated at lower prices. For new investors, understanding this cycle is the key to moving from reactive panic to proactive planning, turning market fear into a long-term opportunity.