[Bitwise: Market Anxiety Peaks, Signaling Crypto Market Nearing Bottom] According to CoinDesk, Bitwise stated that the current heightened market anxiety may indicate that the market is approaching a bottom. The company noted that this level of anxiety is similar to the sentiment observed during the market bottoms of 2018 and 2022, both of which turned out to be 'excellent buying opportunities.' Bitwise Chief Investment Officer Matt Hougan pointed out that investors who bought at the 2018 low achieved returns of approximately 2,000%, while those who entered at the 2022 low saw gains of about 300% over a little more than three years. He believes the current disconnect between prices and actual industry progress mirrors the characteristics of these cycles. Hougan emphasized that the rise of stablecoins, asset tokenization, and trends like 'AI + Finance' indicate that the ecosystem is still maturing, and the fundamentals remain unchanged. Regarding a market turnaround, Bitwise believes that crypto bear markets typically end with emotional exhaustion rather than sudden excitement. Potential upward catalysts include the passage of the 'Clarity Act,' a shift in market risk sentiment, rising expectations of interest rate cuts, and technological breakthroughs in the intersection of AI and crypto. In the absence of sudden positive shocks, the market may 'gradually grind out a bottom.'