Risk appetite remains the dominant headwind across asset classes. The relatively muted response in equities following Nvidia's earnings reinforced that cautious tone, and any additional negative catalysts could weigh further on risk assets, including crypto.
Bitwise CIO Matt Hougan says the crypto market may be nearing a turning point as retail exhaustion deepens and institutional demand quietly builds. Appearing on CNBC, Hougan - who oversees $12 billion in assets at Bitwise - said retail sentiment is at "maximum desperation" following months of liquidations, leverage blowouts, and yield protocol failures. "It's hard to find a crypto native investor who still has much enthusiasm," he said. "That market is close to a bottom."
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