Cryptocurrency funds generally believe that Bitcoin has not yet bottomed out and will struggle to return above $100k by the end of the year.

According to The Block, after interviewing multiple crypto funds, The Funding found that most investors think Bitcoin may still decline further, and the true market bottom might not appear until late Q3 to early Q4 of 2026.

Currently, crypto market investors commonly point to macro uncertainties, reduced liquidity, ETF capital outflows, and capital shifting to AI and traditional markets as pressure factors.

Specifically, Finality Capital partner David Grider believes Bitcoin is in the mid to late stage of this downtrend cycle, expecting Bitcoin to bottom out in the $45,000-$55,000 range and rebound to around $65,000-$75,000 before the end of the year.

Digital Asset Capital Management Chief Investment Officer Richard Galvin is relatively neutral about the next 12 months and has held the highest cash levels since its inception in its directional fund.

Meanwhile, Pantera Capital's Cosmo Jiang believes that the well-known four-year cycle theory suggests the bear market could continue for several more months. Among the institutions providing specific year-end forecasts, none expect Bitcoin to reach $100k by 2026.

Hypersphere Ventures founder Jack Platts' baseline expectation for this year is $55,000, with a potential drop to $40,000 in a bear market scenario and a rise to $80,000 in a bull market scenario.

However, some long-term investors see the current decline as a buying opportunity. Institutions like VanEck, Pantera, UTXO Management, and Monarq have stated that they or their clients are discussing increasing allocations.

Currently, these institutions are especially optimistic about DeFi, tokenization, stablecoins, and revenue-generating protocols with strong product-market fit and tokenomics.

In summary, "cash is king, selective betting" has become the mainstream strategy in the current market. Most funds are protecting against downside risk through debt, derivatives, and neutral strategies rather than rushing to buy the dip.

#市场底部 # Crypto funds