**[Bitwise CIO: The Crypto Winter May Be Nearing Its End, Recovery Window Opening]** BlockBeats News, February 3 — Bitwise Chief Investment Officer Matt Hougan stated that since early 2025, the crypto market has been in a prolonged downturn. The current environment should be viewed as a full-blown "Leonardo DiCaprio-style crypto winter from *The Revenant*" rather than a brief technical correction. Hougan noted that historically, crypto winters typically last about 13 months from peak to trough, and this cycle may have started earlier than most investors realize. Although Bitcoin peaked in October 2025, he believes the market's underlying weakness began to emerge around January 2025, masked by strong capital inflows into exchange-traded funds (ETFs) and digital asset treasury tools. While the exact timing remains uncertain, Hougan believes the market is closer to recovery than further decline. He pointed out that this crypto winter has lasted over a year, coupled with strong economic growth, positive surprises from the *Cryptocurrency Market Structure Act* (CLARITY Act), and signs of Bitcoin adoption at the sovereign level—all of which could serve as positive catalysts for market recovery. "The darkest hour is always just before the dawn," he remarked.