Bitcoin may already have moved past its bear-market bottom, Bitwise Chief Investment Officer Matt Hougan told Bloomberg, arguing that the asset's muted reaction to repeated bad news suggests selling pressure is fading. He cited Bitcoin's resilience even as Strategy began selling Bitcoin, Strategy's STRC traded down to $75, the odds of the Clarity Act passing fell from the mid-40s into the teens, and a Coldcard hardware wallet hack barely moved the market. Hougan said the next marginal buyer is likely to come from large wealth management platforms approving crypto ETFs and from advisers considering 2% to 4% portfolio allocations, describing the shift as long-term, merit-based adoption rather than FOMO-driven momentum. He added that the Coldcard incident may accelerate migration toward regulated ETF structures with qualified custodians, and said Bitwise has processed about $600 million to $700 million in tax-free in-kind transfers into its BITB ETF over the past year.