Bitwise CEO: This Round of Cryptocurrency Market Crash Mainly Due to Macro Environment, Investors Liquidating All Assets

BlockBeats News, February 6th, Bitwise CEO Hunter Horsley said in an interview with CNBC that "Bitcoin saw a double-digit one-day decline, is currently in a bear market, and has dropped nearly 30% since the beginning of the year. As for the reason, I believe that the current crypto market is being swept up by the overall macro environment, with investors selling off all liquid assets. Gold is falling, the Nasdaq 100 is falling, and even Amazon is being sold off.

In the past few months, the crypto space has indeed seen some internal factors, such as some offshore trading platforms experiencing operational interruptions, but at the moment, crypto assets are more trading and moving in sync with other high-liquidity assets.

I think long-term holders are feeling uncertain; while new institutional investors feel like they are facing a 'second chance,' seeing prices they thought they had missed out on forever. I think we are currently in a transitional phase. Ultimately, crypto assets are still a very small asset class, and most investors have not yet fully allocated. Therefore, the overall long-term outlook is very solid, it's just currently experiencing the volatility and back-and-forth of this transitional phase."