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Bitwise CIO: The current market is at the tail end of the cycle, and a new bull market will begin this fall.

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Jinse Finance reported that on July 2, Bitwise Chief Investment Officer Matt Hougan stated that the sharp fluctuations in STRC coupled with the pullback in MSTR's stock price are typical characteristics of the end of a cycle. As for when the market bottom will arrive, it is impossible to give an exact time; no one can predict it precisely. The bottom can only be confirmed in hindsight. However, in the near term, several bottoming signals can be closely watched: First, MSTR's trading price below its net asset value per share indicates that market greed has completely turned into panic, a key signal for bottom formation. Second, the crypto fear and greed index hits historical extremes, entering the extreme fear zone, which is suitable for positioning long positions. Third, the derivative funding rate remains persistently negative, meaning retail investors' willingness to short Bitcoin far exceeds their willingness to go long. When market pessimism reaches its extreme, that is the turning point for a reversal. The current market is in a phase of cleansing, and the problems exposed by STRC are a necessary part of the cyclical adjustment. Every market cycle goes through this painful period, and it is unavoidable. The market is still digesting various risks, and I firmly believe that the bottom is already close at hand, and a new bull market will begin this fall.
BTC3.61%
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