Matt Hougan, Chief Investment Officer at Bitwise, asserts that the ongoing crypto winter, which began in January 2025, is nearing its end. Despite Bitcoin and Ethereum experiencing significant declines of 39% and 53% respectively from their all-time highs, Hougan believes the market is closer to recovery than further decline. He attributes the downturn to factors like excessive leverage and profit-taking, but notes that institutional support has cushioned the impact for some assets. Hougan highlights that the crypto winter typically lasts around 13 months, suggesting a potential end by early 2026. He emphasizes that while institutional investments have masked the severity of the downturn for certain cryptocurrencies, the underlying positive developments in regulation and adoption remain intact. Hougan remains optimistic, predicting a strong rebound once market sentiment improves.