{"id":48887,"date":"2026-07-02T23:45:38","date_gmt":"2026-07-02T23:45:38","guid":{"rendered":"https:\/\/cryptd.in\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\/"},"modified":"2026-07-02T23:45:38","modified_gmt":"2026-07-02T23:45:38","slug":"why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\/","title":{"rendered":"Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading"},"content":{"rendered":"<p>Michael Saylor\u2019s Strategy has long served as the dominant corporate force behind Bitcoin buying, but that may be changing.<\/p>\n<p>Bitwise Chief Investment Officer Matt Hougan believes that the company will play a much smaller role in driving the crypto asset\u2019s demand in the next market cycle.<\/p>\n<h2>Next Wave of BTC Buyers<\/h2>\n<p>In his latest market analysis, Hougan <a href=\"https:\/\/experts.bitwiseinvestments.com\/cio-memos\/strc-mstr-and-end-of-cycle-dynamics\">sagte<\/a> that Strategy\u2019s role in the Bitcoin market has changed after the company adopted a new framework for STRC, which allows it to periodically sell the crypto to fund dividend obligations. While Hougan acknowledged that he does not expect Strategy to become a major BTC seller, he did say that the company could now buy or sell the crypto depending on market conditions rather than acting as a constant source of demand.<\/p>\n<p>He added that there is no mechanism forcing Strategy to sell more than a few billion dollars\u2019 worth of Bitcoin annually, and if the crypto asset\u2019s prices recover, the exec still expects the company to remain a net buyer. Even so, Hougan said Strategy is unlikely to carry the same market influence it did during the previous cycle.<\/p>\n<p>Instead, he expects institutional investors to emerge as the dominant force behind Bitcoin accumulation. Looking at BTC\u2019s history, Hougan said market leadership has repeatedly shifted between different groups of buyers, moving from cypherpunks to Asian investors, then US retail participants, followed by the Grayscale Investments Bitcoin Trust and later Strategy.<\/p>\n<p>The Bitwise CIO now believes the next phase will be led by institutions with significantly larger pools of capital. These include global banks, asset managers, pension funds, endowments, sovereign wealth funds, and financial advisers. According to him, this transition is already underway.<\/p>\n<p>For instance, Morgan Stanley has launched proprietary Bitcoin ETFs, while Wells Fargo has started adding BTC exposure to model portfolios. He also highlighted that Texas became the first US state to fund a strategic BTC reserve, while several sovereign wealth funds and sovereign banks either already hold the crypto asset or have begun evaluating allocations.<\/p>\n<p>Despite Bitcoin ETF outflows during 2026, Hougan noted that the products have attracted more than $50 billion since launching in 2024 and are now available on most major financial adviser platforms.<\/p>\n<h2>Strategy Slowdown May Benefit Bitcoin<\/h2>\n<p>A slowdown in Strategy\u2019s Bitcoin purchases would not necessarily be bearish for the market, according to HashKey Group\u2019s Senior Researcher Tim Sun. Speaking to <em>KryptoKartoffel<\/em>, Sun <a href=\"https:\/\/cryptopotato.com\/the-vanishing-bitcoin-bid-where-are-the-etf-billions-going\/\">sagte<\/a> that if the company is forced to slow or pause its accumulation, it would help unwind the distortion in supply and demand created by its financing-driven buying model.<\/p>\n<p>Rather than relying heavily on Strategy\u2019s purchases and ETF inflows, Bitcoin would have an opportunity to establish a stronger price floor based on genuine market demand, resulting in what Sun views as a healthier market structure.<\/p>\n<p>Der Posten <a href=\"https:\/\/cryptopotato.com\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\/\">Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading<\/a> erschien zuerst auf <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">KryptoKartoffel<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Michael Saylor\u2019s Strategy has long served as the dominant corporate force behind Bitcoin buying, but that may be changing. Bitwise Chief Investment Officer Matt Hougan believes that the company will play a much smaller role in driving the crypto asset\u2019s demand in the next market cycle. Next Wave of BTC Buyers In his latest market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-48887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/de\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Michael Saylor\u2019s Strategy has long served as the dominant corporate force behind Bitcoin buying, but that may be changing. Bitwise Chief Investment Officer Matt Hougan believes that the company will play a much smaller role in driving the crypto asset\u2019s demand in the next market cycle. Next Wave of BTC Buyers In his latest market [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptd.in\/de\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\/\" \/>\n<meta property=\"og:site_name\" content=\"cryptd.in\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-02T23:45:38+00:00\" \/>\n<meta name=\"author\" content=\"cryptd.in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"cryptd.in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"2\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/\"},\"author\":{\"name\":\"cryptd.in\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/person\\\/7973e8183bc6723b86adfe84d5af0ce4\"},\"headline\":\"Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading\",\"datePublished\":\"2026-07-02T23:45:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/\"},\"wordCount\":496,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Strategy-2-Ntjej5.jpg\",\"articleSection\":[\"Feeds\"],\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/\",\"url\":\"https:\\\/\\\/cryptd.in\\\/why-bitwises-matt-hougan-thinks-strategys-bitcoin-era-is-fading\\\/\",\"name\":\"Why Bitwise\u2019s Matt Hougan Thinks Strategy\u2019s Bitcoin Era Is Fading - 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