Matt Hougan, Chief Investment Officer of Bitwise, pointed out: The bad news is that we have been in a cryptocurrency winter since January 2025. The good news is that we are probably close to the end of the winter, rather than at the beginning.

Why are prices still falling despite continuous technological breakthroughs and the new Federal Reserve Chair supporting Bitcoin? Why is the Fear and Greed Index approaching historical highs? Because we are in a cryptocurrency winter. During winter, good news is useless, but I believe the extreme cold is about to pass. Why do I draw this conclusion?
1. During winter, positive news is often ignored, but it doesn’t disappear; it is stored in energy form. Once sentiment recovers and the market clears the clouds, the accumulated strength will erupt.
2. ETF and DAT capital inflows are masking the winter of 2025.

From this, we can conclude that although we are still in hardship, spring is not far away. As a Chinese person, we should understand the principle that all things are in transformation—extremes will reverse, and adversity will turn into prosperity. It’s not scary to be blinded by a temporary snowstorm, but what’s frightening is that you cannot see the vitality after the snowstorm. What we need to do now is to prepare our strength and never fall into darkness before dawn.