[Video｜Bitwise Chief Investment Officer: Bitcoin No Longer Reacting to Negative News, Bear Market May Have Bottomed Out] Bitwise Chief Investment Officer Matt Hougan stated in an interview with Bloomberg that Bitcoin is signaling an important 'bottoming signal': the market is starting to lose its sensitivity to bad news. Over the past few months, whether it was Michael Saylor selling Bitcoin or the significant drop in the probability of the CLARITY Act passing, Bitcoin has not experienced a noticeable decline and has even risen against the trend. Hougan believes this typically indicates that the bear market may be nearing its bottom. He predicts that by the end of this year, the crypto market could see a stronger rally, with the next wave of significant buyers coming from large wealth management platforms. Compared to past bull markets driven by retail investors, this cycle may be slower, less volatile, and more institutionalized.