Bitwise CIO Matt Hougan has outlined three critical challenges that the cryptocurrency market must address to sustain its early 2026 growth. Despite Bitcoin and Ethereum rising by approximately 7% this year, Hougan emphasized the need to avoid a repeat of the October 2025 market crash, which saw over $20 billion in futures positions liquidated. He noted that this issue has largely been mitigated. The second challenge involves the passage of the U.S. Clarity Act, a significant crypto-related bill currently under congressional review, with a Senate markup scheduled for January 15. Lastly, Hougan stressed the importance of maintaining stock market stability to prevent a downturn that could negatively impact all risk assets. Successfully navigating these challenges could enable the crypto market to extend its rally throughout 2026.