Bitwise CIO Matt Hougan (@Matt_Hougan) sits down with Decrypt to discuss the state of the crypto winter, from Strategy’s recent Bitcoin sale to green shoots emerging in the market. 00:00 - Unpacking Strategy’s filing and BTC sale 02:41 - Biggest surprises from Bitwise’s institutional survey? 04:13 - Volatility is what drives crypto markets? 07:22 - Are you expecting trad fi to adopt perpetual futures? 08:55 - Do you think competition will squeeze Hyperliquid? 10:54 - What catalysts could snap retail traders out of that state of boredom? 12:23 - Is the Clarity Act future-proofing markets, or a story of institutional participation?(Decrypt)