Speaking on the sidelines of the TOKEN2049 conference, Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin both declared that the market downturn has ended. Their comments come as Bitcoin (BTC) traded at $83,309, down 2.39% over 24 hours and 33.9% below its all-time high of $126,080 set on October 6, 2025.
Institutional Demand and Exhausted Sellers Drive Bitwise Optimism
In an interview with CNBC, Horsley attributed the market's improving outlook to seller exhaustion following the bear market that began late last year, alongside rising institutional participation. He pointed to expanded access via ETFs and ETPs, improved platform usage, and stronger revenue numbers across crypto platforms.
"I think the crypto winter is over. I think that the substance in the space has grown tremendously over the course of 2026. And yeah, I think many investors are optimistic about the outlook," Horsley stated. While deferring official forecasts to Bitwise Chief Investment Officer Matt Hougan, Horsley noted he would not be surprised by a new all-time high next year, describing the current market as a sweet spot for wealth managers to build exposure.
Ethereum Neutrality and Regulatory Outlook
In a separate interview with CNBC, Lubin, who co-founded Ethereum, argued that the market thaw arrived much earlier. "So the crypto winter has actually been over for quite a while, depending on your perspective," Lubin said, citing Ethereum (ETH)'s role as a censorship-resistant settlement layer for smart contracts, stablecoins, and real-world assets moving into DeFi.
Both executives also addressed the Clarity Act following its failure to advance through the Senate. Horsley noted that institutional partners and clients are not delaying entry due to the bill's stall, while Lubin stated he expects the SEC and CFTC to deliver regulatory clarity through no-action letters and administrative rulemaking. Macroeconomic headwinds remain a factor, as Bitcoin drops below $84K while markets react to news that the Federal Reserve raised rates by 25 basis points on September 16—its first interest rate hike since 2023.
Key Takeaways
- Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin confirmed the end of crypto winter at TOKEN2049.
- Bitcoin (BTC) traded at $83,309, down 2.39% in 24 hours and 33.9% below its $126,080 peak from October 6, 2025.
- The Federal Reserve enacted a 25 basis point rate hike on September 16, its first rate increase since 2023.
- Both executives expressed confidence despite the Clarity Act stalling in the Senate, anticipating guidance from the SEC and CFTC.
Why It Matters
The executive optimism highlights a growing disconnect between short-term macroeconomic friction and long-term institutional adoption. Despite central bank rate hikes and legislative delays in Washington, expanded ETF access and steady DeFi activity suggest institutional rails are cementing a structural floor. Investors should watch whether institutional capital inflows accelerate into early 2027 to validate Horsley's projection of potential new price highs.
