•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Bitcoin has extended its recent decline, trading near $65,500 as bearish sentiment grips the broader crypto market. Despite the pullback, Bitwise Chief Investment Officer Matt Hougan said early indicators of a new Bitcoin bull market are beginning to surface beneath the current weakness.
Hougan pointed to four major developments that could drive the next crypto rally.
Coinbase recently introduced “Agentic Wallets,” designed to allow autonomous AI agents to manage on-chain transactions independently. The wallets support programmable spending policies, non-custodial identity, and secure permissioned execution. Coinbase also noted that transactions on Base are gasless, enabling users to transact with any token—an approach that could expand blockchain automation and increase Bitcoin and crypto adoption.
Hougan cited institutional DeFi momentum, including BlackRock’s reported plan to launch its BUIDL token on Uniswap. As part of the initiative, BlackRock will acquire an undisclosed amount of UNI tokens, signaling growing institutional confidence in DeFi infrastructure.
Hougan also highlighted improvements to Bitcoin’s long-term security posture. Bitcoin Improvement Proposal 360 (BIP-360) has been merged into the official repository, with the goal of protecting the network from potential quantum computing threats. Enhanced security upgrades could help reassure long-term investors concerned about technological risk.
Tokenization trends were another supportive factor. Hougan noted that major financial institutions—including CME, Broadridge, and UBS—have expanded tokenization initiatives, reflecting accelerating interest in blockchain-based asset issuance.
On-chain analytics firm Santiment reported deeply negative funding rates across crypto exchanges, indicating extreme short positioning not seen since August 2024. Historically, such conditions have preceded strong price rebounds driven by short squeezes. In August 2024, Bitcoin surged 83% in the following months after similar bearish positioning.
Bloomberg reported that El Salvador’s Bitcoin holdings have dropped by approximately $300 million amid the recent correction. The losses may complicate negotiations for a $1.4 billion IMF loan and increase volatility in the bond market.
While Bitcoin remains under short-term pressure, Hougan argued that institutional adoption, DeFi expansion, quantum security improvements, and tokenization growth suggest the foundation for the next Bitcoin bull run may already be forming.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
