Matt Hougan, Chief Investment Officer of Bitwise Asset Management, attributes Bitcoin's recent decline to the 'four-year cycle' pattern, a recurring phenomenon in the cryptocurrency market. Hougan emphasized that the decline should not be attributed to a single factor, noting that capital flows into assets like gold and AI stocks, concerns about Federal Reserve nominee Kevin Warsh, and quantitative risks are also influencing the market. Despite the bearish sentiment, Hougan reassures that Bitcoin's fundamentals remain intact, with its scarcity unaffected by financialization. He also highlighted the significant role of crypto ETFs, which constitute a large portion of Bitwise's $15 billion in managed assets, and believes that Bitcoin's current weakness will not alter the growth trajectory of ETFs.