Bitwise CIO Matt Hougan thinks Bitcoin’s bottom is close. His reasoning? Strategy’s STRC selloff looks like end-of-cycle deleveraging — not a crash signal.
STRC is Strategy’s preferred stock offering. It’s been selling off, which spooked some traders. But Hougan sees it differently. He told The Block that this kind of deleveraging typically happens before market bottoms, not during freefalls.
“I think we’re nearing the bottom,” he said.
Strategy still holds massive amounts of Bitcoin. The company’s enterprise value sits around $56.8 billion. The STRC dilution is part of a capital plan — buying back debt and covering preferred stock dividends. It’s mechanics, not panic.
Bitcoin’s been stuck in a range after getting rejected at $82,500 two months ago. The recent drop to $57K spooked retail, but long-term holders aren’t budging. Hougan’s take aligns with what Glassnode and Bitfinex have been flagging: accumulation is happening underneath the noise.
Nobody calls the exact bottom. But when CIOs of major crypto asset managers start saying it publicly, it’s worth paying attention.
