What the precious metals rally is telling you, not the last few weeks, but the last year,

is that the world is worried about fiat currencies.

The world is interested in self-custody.

Those roads eventually lead to Bitcoin and crypto.

Hey, everyone. You're watching Markets Outlook on Coin Desk. I'm Jen Sannessy here with Andy Bear. And joining us this morning is BitWise, CIO Matt Hogan. Matt, welcome to the show. Happy New Year. I'm so glad to be here.

We're so glad to have you here. Now, I wish the news,

I wish we kicked off 2026 and a little bit of a better state. I mean, Bitcoin and Eid down over 5% this

morning. Talk to us about how you've been watching the markets over the first month of the year.

What are you taking away? What is this telling you about where we're going?

Yeah, look, we're extremely bullish long term on where crypto is going, including through the

end of this year. I think what we're working through, what I've realized after reflecting over

the new year is we were in a bare market in 2025. Many of the all coins down 60 plus percent.

Bitcoin would have been down sharply, if not for the huge buying by

corporations and ETFs. So we're in the bottoming phase that comes at the end of a bear market.

I think that's what we're seeing this year. We're seeing a little bit of capitulation on

ETF flows, which have been weak. We still see retail sense a bit pretty weak. I think we're at the sort of the

rounding bottom part of the end of the bear market. And I'm pretty optimistic about where we go.

I know it's looking rough out there today, but I still think the stars are aligned for a good

2026. Well, where do we go? Oh, well, I look, I think we're going to, my actual expectation is that we chop higher for a period.

If you talk to long-term crypto investors, if you look at the skew in the options market, what you see is this pretty strong channel between about 75 and a little bit above 100,000.

I still think there's a lot of Bitcoin for sale around

that $100,000 mark. I think it would take us a lot to get through that. So for the first half of the

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