[Bitwise CIO: Bitcoin is in a bottoming phase, the decline is due to long liquidation rather than market manipulation conspiracy theories] BlockBeats News, February 27, Bitwise Chief Investment Officer Matt Hougan wrote, 'Various conspiracy theories are emerging one after another. First, it was Binance, then Wintermute, followed by some unknown offshore macro hedge fund, then "paper Bitcoin," and today it's Jane Street. Next week, it might be someone else. The real reason for Bitcoin's decline is that a group of people who were previously long on Bitcoin have sold off their Bitcoin exposure. They sold through the spot market, by unwinding leveraged positions, and by reducing exposure through selling call options. They sold for reasons such as the "four-year cycle," concerns about quantum computing, a desire to invest in AI startups, and various other reasons. Most of their selling activity has already been completed, and we are in the process of bottoming out. New all-time highs will still be reached in the future. This is a typical crypto winter, which will eventually lead to a typical crypto spring. People always want to find someone to blame—I understand this sentiment—but reality is often much more mundane than conspiracy theories.'