Bitwise Chief Investment Officer: The decline in Bitcoin is due to market sell-offs rather than conspiracy theories, and it is currently in a bottoming phase

Bitwise Chief Investment Officer Hougan dismissed various conspiracy theories circulating in the market, including attributing the decline to Binance, Wintermute, offshore macro hedge funds, paper Bitcoin, and the recent claims about Jane Street. He pointed out that the reasons for investor sell-offs include the four-year cycle pattern, concerns about quantum computing, and the shift of funds towards AI startups.

He believes that most of the sell-off is nearing its end, and the market is in the process of bottoming out, with Bitcoin set to reach new all-time highs in the future. Hougan described the current situation as a "classic cryptocurrency winter" and believes that it will be followed by a "classic cryptocurrency spring."