Bitwise’s chief investment officer, Matt Hougan, has explained why bitcoin’s sustained rally reflects a durable shift in market structure, driven by institutional inflows and tightening supply. Speaking on CNBC on July 11, Hougan pointed to a significant imbalance between growing institutional demand and the fixed issuance schedule of bitcoin.

“There’s unrelenting demand from corporations and institutional investors, and that’s colliding with severely limited supply,” he stated. The Bitwise chief investment officer highlighted the scale of the mismatch, noting: “The bitcoin network only produces 450 bitcoin per day. Yesterday alone, bitcoin ETFs bought 10,000 bitcoin.” Hougan emphasized that this BTC rally isn’t a short-term spike but a structural force that will persist for years. He opined: “Over the course of those years, there’s going to be this persistent bid where there’s more demand than there is supply. And the natural response to that is what we’re seeing in the market, which is bitcoin’s price goes higher.” He predicted:

I think it has a long way to go. I think it could end the year closer to $200,000. So I would get used to this story of new all time highs.

He framed the BTC rally as more than just price action—it reflects a shift in how investors are approaching wealth preservation. Hougan said bitcoin offers a unique service by enabling users to store value digitally without dependence on the banking system, a trait that has become more attractive in today’s climate of geopolitical risk, fiscal uncertainty, and rising tariffs.

Hougan explained that as more investors recognize this utility, demand continues to build. While acknowledging that market sentiment has a role, he noted that “the vibes are definitely part of it.” He underscored that the primary driver is functional demand for the service bitcoin provides.

The Bitwise executive also described the broader backdrop as unusually supportive for bitcoin’s continued rise, stating:

Everything everywhere, all at once. We have positive regulatory news, positive legislative news, institutional adoption, concern about debt and deficit. Add those together and the price goes up.

He framed the current market conditions as a rare alignment of forces—policy, structural, and macroeconomic—that are reinforcing each other and creating sustained upward momentum in digital assets.

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