Bitwise says crypto market bottom may be Q4 2025; stablecoins topped $300 billion

Bitwise said Q4 2025 may have marked the bottom of the crypto bear market despite declining prices, in a client update from Matt Hougan. He pointed to four signals: record Ethereum usage, higher profits at crypto companies, stablecoins exceeding $300 billion, and Uniswap regularly surpassing Coinbase in volume. Hougan likened the setup to early 2023 after FTX, when Bitcoin rose from around $16,000 to roughly $98,000 by early 2025.