Bitcoin may be deeper into a crypto winter than headlines suggest, according to Matt Hougan, who argues the downturn has been quietly masked by institutional flows and ETF demand. In this discussion, we unpack how weakening retail participation, struggling altcoins, and collapsing crypto equities reveal underlying stress that Bitcoin’s price alone doesn’t show. Hougan’s key takeaway is contrarian: if this has been a hidden winter all along, the market may be closer to exhaustion than collapse, setting the stage for stabilization or reversal as excess leverage clears and weaker participants exit the system.

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