Matt Hougan, Chief Investment Officer at Bitwise, asserts that the 2025 crypto bear market is fundamentally more promising than previous downturns. Hougan's analysis highlights significant advancements in the crypto ecosystem, contrasting it with the technological infancy of 2018 and the regulatory challenges of 2022. He points to the $3 trillion stablecoin market cap, institutional infrastructure development by firms like BlackRock, and regulatory progress as key indicators of a more robust market foundation. Hougan emphasizes that the current market is characterized by institutional adoption and real-world utility, unlike past cycles driven by speculation. He acknowledges potential challenges ahead but believes the industry is now focused on optimizing and integrating proven use cases into the global financial system. This shift from survival to sustainable growth marks a significant maturation of the crypto landscape.