Bitwise CIO Matt Hougan Says Strategy’s Role in Bitcoin Market Has Shifted

Bitwise Chief Investment Officer Matt Hougan said Strategy’s role in the Bitcoin market has undergone a major change, arguing that its long-running phase of one-way accumulation is likely over. According to Odaily, Hougan said Strategy had for years been one of the most important Bitcoin buyers globally, consistently providing demand on the long side. Hougan said Strategy is expected to trade Bitcoin more flexibly based on market conditions going forward, while not engaging in large-scale selling. He added that existing mechanisms would not force Strategy to sell billions of dollars’ worth of Bitcoin each year. Hougan said that if Bitcoin enters a bull market, Strategy is still likely to return to being a net buyer. However, he said Strategy’s influence on the Bitcoin market in the next cycle is expected to be lower than in the previous cycle.