We saw the fundamental reasons why Cathie Wood is so bullish into 2025 and beyond. But should anyone be worrying about the sudden weakness we've seen in the last few trading days? No, it's great to be on. I think the weakness we've seen over the

last few days is a healthy pullback. If you look at the crypto market, big picture, it's run up substantially since the election. We saw a lot of leverage build up in the system, and this is a natural washing out of leverage. There's been about $2 billion of forced

liquidations over the last two days. This has happened in crypto since its very earliest period. We need to reset the leverage levels, and then we'll build from there. But the long-term drivers are still intact. We're still in a strong bull market.

I think Cathie is right about where this is going. We feel exactly the same. That there was... I mean, you are someone who has seen some highs and lows. You understand the volatility of this asset class, but I'm interested in who

is coming to your asset management company? Oh, we've got some exciting music playing on set. That's thrilling to hear about what you think in terms of institutional money coming in now. But why is this the way it is? Is it still a flood of retail and high-net-worth individuals? What are you seeing in terms of changes?

Yeah, it's really been both so far this year, but I'm aligned with Cathie, thinking that the institutions have now started moving in in size. When you saw the 15 straight days of inflows into the Bitcoin ETFs,

Post-election, I believe that was institutional capital at Bitwise. Every year we survey professional investors and ask them what's keeping them out of the market. And for six straight years, they said a lack of regulatory clarity. Well, that regulatory clarity is coming,

and that's opened the floodgates to institutions. And I would just say, I think most people underestimate the size of this. BlackRock just came out and said most people should have a 1 to 2% allocation to

Bitcoin.
There's $100 trillion of institutional assets out there.
2% is a lot of investment. That still has to happen.
We're going to start seeing that really come in in 2025 into Bitcoin, predominantly. How is this going to broaden out, Matt?
Yeah, you're already seeing it broaden

out.
Actually. A lot of people were worried about the Ethereum ETFs, for instance, which launched this summer and had tepid inflows. But over the last month or so you've seen billions of dollars flow into those

products.
Again, the things that have happened in crypto in the past keep happening.
Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana.
There's no reason to assume that the institutions that came into Bitcoin won't move on to other assets in the

future.
In fact, I think in 2025 you're going to see an explosion of interest in index-based strategies that give diversified exposure to crypto.
Of course, something we've been doing at Bitwise since 2017 when we pioneered that concept.

I think 2025 is when that sort of becomes a mainstream way to allocate to the space, the same way it is to stocks and bonds and real estate and everything else. You were talking about how the regulatory picture has got to become clearer.

We've seen new cryptos announced. It's someone who's invested in Bitwise. David Sachs. How much have you been in touch with David? How much have you been ultimately able to steer the conversation from a Bitwise perspective?

Yeah, you know, David is a good friend of Bitwise, has been an investor for a long period of time. The reason it's so important to have someone like David Sachs in that position is these two industries are critical to America's future and they've really been constrained and challenged by regulatory overreach, regulation by

enforcement. I think the market probably doesn't understand how fast these industries can move if there is regulatory clarity. So, you know, Bitwise is involved in Washington. We talk to folks in Washington all the time. It's great to have people who understand crypto now taking office.

I'm just excited to see what happens from here. You went back to something you just said that things happen again and again when it comes to crypto. The dominance of Bitcoin was your pursuit of thought. But what happens again and again is that

all boats rise and all boats are great, and we see meme coins coming out thick and fast, being spun out, and there's fun and there's exuberance and there's an air of being at a seat at the table at blackjack sometimes, and I'm not taking

That's away from the market participants.
But how much is there a worry that meme coins are going to become something that
does ultimately help those who don't understand them enough, the trading
nature of it all? Yeah, I think that's worth being
concerned about.

And again, I think the answer there is
better regulatory clarity. We've sort of taken a hands-off
approach. We're not going to touch this, which
isn't the right way to help investors. We need reasonable rules that allow
crypto to thrive but separate the good

from the bad.
So it's absolutely true, investors moving into crypto should be careful.
There's a big difference between Bitcoin and the latest AI-driven meme coin.
Folks need to understand that. So yeah, we worry about this.
People need to understand why meme coins

exist.
I agree it's an exciting part of the market, but it shouldn't be a huge part
of your portfolio. And let's just talk about the
intersection of TradFi, as people would call it, and crypto and how we're seeing
it fusing together.

Real-world assets are something people
talk a lot about ultimately going onto the blockchain of some sort.
But Matt, there's also new offerings being spun up, whether it's in the
options market, or just other ways institutionally minded players can
access the overall ecosystem.

Is that progressing and maturing the way
that you want to see it? Yeah, absolutely.
We've been talking about crypto as a new asset class for a number of years, and a
new asset class needs all of those pieces to thrive.
It needs options, it needs ETFs, it

needs ETF options, it needs futures. It needs other derivatives. It needs institutional players taking part in this ecosystem. We've been checking every box as an industry, so people who are skeptical that this is going to be a major new asset class that stands alongside stocks

and bonds and commodities and real estate, you just need to look at that track record. So from my perspective, it's been beautiful to see. We've made a huge leap forward in 2024, and I think that's going to accelerate in 2025.

Bitcoin Slumps: Trump Euphoria Gives Way to Fed Wariness

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최근의 시장 약세는 대선 이후 큰 폭으로 성장한 후의 건강한 하락세로 볼 수 있습니다.

이틀 동안 약 20억 달러가 강제 청산된 것은 그동안 쌓인 레버리지가 자연스럽게 조정된 것입니다.

단기적인 변동에도 불구하고 상승장의 장기적인 동인은 그대로 유지됩니다.

연사는 캐시 우드의 예측과 일치하는 낙관적인 전망을 공유합니다.

개인과 고액 자산가 모두 참여하는 기관 투자가 증가하고 있는 것으로 나타났습니다.

선거 이후 15일 연속 비트코인 ETF에 유입된 자금은 기관 자본에 기인합니다.

규제가 명확해지면 기관의 진입 장벽이 제거되어 투자 증가로 이어집니다.

블랙록이 대부분의 투자자에게 1~2%의 비트코인 비중을 권고한 것은 100조 달러의 기관 자산이 유입될 수 있다는 것을 의미합니다.

2025년에는 주로 비트코인에 상당한 투자가 이루어질 것으로 예상됩니다.

비트코인을 넘어선 암호화폐 투자 확대

최근 수십억 달러가 이더리움 ETF로 유입되며 비트코인을 넘어선 폭넓은 관심을 보여주고 있습니다.

과거 추세를 보면 투자자들은 일반적으로 비트코인에서 이더리움이나 솔라나와 같은 다른 자산으로 이동하는 것으로 나타났습니다.

2025년에는 다양한 암호화폐 지수 기반 전략에 대한 관심이 높아질 것으로 예상됩니다.

규제의 명확성은 암호화폐 시장의 지속적인 성장을 위해 매우 중요합니다.

규제 논의에 데이비드 삭스와 같은 개인이 참여하는 것이 강조됩니다.

과도한 규제와 집행에 의한 규제는 암호화폐 산업의 성장을 제약해 왔습니다.

연사는 규제의 명확성이 산업 성장에 미치는 긍정적인 영향과 미국과의 대화의 중요성을 강조합니다.

밈 코인의 부상과 함께 암호화폐 시장의 주기적 특성에 대해 논의합니다.

정보에 어두운 투자자들이 밈 코인의 잠재적 위험성에 대해 우려를 표명하고 있습니다.

밈 코인과 관련된 위험을 완화하기 위한 해결책으로 규제 명확성 강화가 제안되었습니다.

평판이 좋은 암호화폐 프로젝트와 위험한 암호화폐 프로젝트를 구분할 수 있는 합리적인 규제의 필요성이 강조되고 있습니다.

투자자는 비트코인 같은 기존 암호화폐와 더 위험도가 높은 새로운 암호화폐의 차이점을 이해하고 주의를 기울이는 것이 좋습니다.

옵션 및 기타 파생상품의 가용성 증가에 초점을 맞춰 전통 금융(TradFi)과 암호화폐의 통합에 대해 논의합니다.

옵션 시장과 같은 새로운 상품의 개발은 암호화폐 생태계가 성숙해졌다는 신호로 볼 수 있습니다.

발표자는 암호화폐 시장이 주요 자산 클래스가 되기 위해 옵션, ETF, 선물 등 필요한 요소들을 개발하고 있다고 생각합니다.

2024년에 이루어진 진전은 2025년에 더욱 가속화되어 기존 자산군과 함께 암호화폐의 입지를 공고히 할 것으로 예상됩니다.

Bitcoin Slumps: Trump Euphoria Gives Way to Fed Wariness

Bitcoin Slumps: Trump Euphoria Gives Way to Fed Wariness

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