[Bitwise CIO: The Crypto Winter May Be Ending, Institutional Inflows Mask True Market Conditions] Deep Tide TechFlow reports, on February 3rd, according to The Block, Bitwise CIO Matt Hougan stated in the latest client memo that the crypto market has been in a 'full-blown crypto winter' since January 2025, with Bitcoin down approximately 39% and Ethereum down about 53%. He pointed out that ETFs and digital asset funds have purchased over 744,000 Bitcoins (around $75 billion), which has masked the true weakness of the market. Nevertheless, Hougan believes the market is closer to recovery rather than further decline, highlighting ongoing structural progress in areas such as regulatory developments, institutional adoption, and tokenization. He noted that crypto winters typically end with market exhaustion rather than excitement, and the current despair and fatigue are similar to conditions seen at previous market bottoms.