Bitwise Asset Management Chief Investment Officer Matt Hougan shared on social media platform X on Feb. 5 an assessment of adviser sentiment, highlighting continued optimism around crypto exposure while emphasizing that recent market moves underscored the enduring influence of crypto-native participants over exchange-traded fund flows.

The chief investment officer explained:

“I visited a bunch of financial advisors this week and can confirm they’re still generally bullish. Those who haven’t invested yet see the pullback as an opportunity and those who bought earlier plan to hold.”

The remarks portrayed advisers as largely steady despite volatility, framing price weakness as a strategic entry point rather than a signal for exit. Hougan also described a distinction between traditional allocators and long-standing market participants, noting differing reactions to short-term price changes and varying time horizons tied to conviction rather than momentum.

He continued:

“That said, if there is one thing this pullback has taught us, it’s that ETF investors are not in charge. Crypto-native investors still dominate the market.”

Expanding on that view, he observed: “We spent too much of the past year thinking about the marginal buyer (the ETF investor) and not about the marginal HODLr (the crypto native investor).”

The comments suggested that capital behavior from long-term holders exerts significant influence on price formation more than incremental demand from newer investment vehicles. Such dynamics highlight how sentiment among experienced participants impacts market structure, liquidity patterns, and volatility responses, even as regulated products broaden access and visibility for digital assets.

Read more: Bitwise Anticipates Strong Crypto Rebound Following Prolonged Winter Capitulation

• What is adviser sentiment toward crypto after the recent pullback?
  Financial advisers remain generally bullish and view the pullback as an opportunity rather than a reason to exit.
• Who does Matt Hougan say dominates the crypto market?
  Hougan says crypto-native investors still dominate market behavior and price formation.
• How do ETF investors differ from crypto-native investors?
  ETF investors react more to short-term moves, while crypto-native investors operate with longer-term conviction.
• Why are ETF flows less influential than expected?
  Long-term holders and HODLrs exert greater influence over liquidity and volatility than incremental ETF demand.

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