Bitcoin (CRYPTO: BTC) is entering a structurally different phase of market development, according to Matt Hougan and Ryan Rasmussen at Bitwise Asset Management.

Weak Q1, Strong Narrative Shift

In a Apr.22 interview with Milk Road, Hougan and Rasmussen described Q1 as the weakest crypto quarter in several years across price action and on-chain metrics. However, they emphasized a sharp divergence between weak data and strong fundamentals.

They noted that while market performance lagged, major developments, including ETF expansion, regulatory clarity, and institutional participation, remained strongly positive.

This disconnect, they argue, could set up a delayed rebound in Q2 as markets begin…

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