Bitwise’s Matt Hougan Says Strategy Is No Longer Just a Source of Bitcoin Demand

Bitwise Chief Investment Officer Matt Hougan said Strategy's updated capital framework gives the company greater flexibility to monetize its Bitcoin holdings as needed, signaling that the company is no longer solely a source of Bitcoin demand.

Commenting on recent market moves, Hougan said the volatility in STRC and the pullback in MSTR reflect a broader deleveraging cycle rather than a structural shift. He compared the process to the unwinding of the GBTC premium, adding that excess leverage is being flushed out of the cryptocurrency market as the cycle resets.

Source: Matt Hougan