Bitwise CIO: Crypto Looks Like July 2024—Here’s What Happened Next

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Bitwise CIO: Crypto Looks Like July 2024—Here’s What Happened Next - NewsBTC

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Crypto Echoes Of July 2024 Hougan opened his memo by recalling the environment in July 2024, when he penned an earlier piece called "Short-Term Pain, Long-Term Gain.” Back then, crypto markets were reeling: "Bitcoin, which had peaked above $73,000 in March 2024, had fallen to roughly $55,000, a 24% pullback.

While many institutional and long-term crypto participants may view the memecoin sector with skepticism, its trading volume and buzz have fueled overall market activity—particularly in the Solana ecosystem.

In a memo released on February 25, 2025, Matt Hougan—Chief Investment Officer (CIO) at Bitwise Asset Management—drew striking parallels between today’s crypto market and what he observed in July 2024.