Industry Leaders Signal End of Prolonged Downturn
Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin both declared the crypto winter over during separate interviews at TOKEN2049. Horsley credited the shift to sellers exiting the market and the sector’s growing substance, while Lubin, an Ethereum co-founder, believes the thaw arrived quite a while ago. The declarations mark a significant turning point for digital assets after a prolonged bear market that began late last year.
Speaking to CNBC, Horsley explained that the bear market since late last year has meant many sellers have already exited. On the constructive side, he pointed to institutions building in the space as a key indicator of recovery. He also cited stronger usage and revenue numbers across some crypto platforms, suggesting that fundamental metrics support the optimistic outlook.
Access through exchange-traded funds (ETFs) and exchange-traded products (ETPs) is greater than ever, Horsley added. The mix of somewhat exhausted sellers, strong substance, and high access supports a strong market outlook, according to the Bitwise executive. His comments reflect growing confidence among industry leaders that the worst of the downturn has passed.
“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 said.
Bitcoin Could Reach New All-Time High Sooner Than Expected
On Bitcoin (BTC), Horsley said he would not be surprised by a new all-time high next year, sooner than expected. He noted that he was not giving Bitwise’s official view, deferring to Chief Investment Officer Matt Hougan for the firm’s formal position. Still, his personal assessment suggests internal optimism about Bitcoin’s near-term trajectory.
The executive hopes prices do not move too fast, however. He described the current moment as a sweet spot for institutions and wealth managers to build exposure, suggesting that a measured pace of appreciation would benefit long-term adoption. BTC traded at $83,309 at press time, down 2.39% over the past 24 hours, according to BeInCrypto Markets data.
That leaves Bitcoin about 33.9% below its all-time high of $126,080, set on October 6, 2025. The price has also seen volatility as markets worry about another Federal Reserve rate hike before year-end, with the Fed having raised rates by 25 basis points on September 16, its first hike since 2023.
Lubin Argues the Thaw Arrived Much Earlier
In a separate interview with CNBC, Lubin offered a different perspective on when the downturn ended. The MetaMask CEO and Ethereum co-founder suggested that the crypto winter concluded well before recent market movements became apparent, depending on how one measures recovery.
“So the crypto winter has actually been over for quite a while, depending on your perspective,” Lubin said.
On the institutional side, Lubin pointed to the recognition of Ethereum (ETH) as a credibly neutral, censorship-resistant settlement layer. He also declared that Ethereum has already won its category as the smart contract platform for the next-generation economy, a bold assertion that underscores his confidence in the network’s long-term dominance.
In his view, trends in stablecoins and real-world assets show digital assets starting to move into decentralized finance (DeFi). These developments represent fundamental adoption rather than speculative trading, Lubin suggested, marking a maturation of the crypto ecosystem beyond purely financial applications.
Institutional Building Signals Market Strength
Both executives agreed on the importance of institutional participation in the current market phase. Horsley emphasized that institutions building in the space provide a constructive foundation for sustained growth, while Lubin highlighted the recognition of blockchain infrastructure by traditional financial entities. The convergence of these views suggests that institutional adoption has reached a tipping point.
The stronger usage and revenue numbers across crypto platforms that Horsley cited reflect real economic activity rather than speculative froth. This fundamental substance distinguishes the current environment from previous cycles that relied primarily on retail enthusiasm. Access through ETFs and ETPs has democratized crypto exposure, allowing wealth managers to incorporate digital assets into traditional portfolios.
Horsley’s characterization of the current moment as a sweet spot for building exposure suggests that industry leaders view present valuations as attractive entry points. The somewhat exhausted sellers have cleared much of the supply overhang that typically weighs on bear markets, creating conditions for sustainable appreciation. This technical backdrop combines with improving fundamentals to support the optimistic outlook.
Federal Reserve Policy Adds Volatility to Outlook
Despite the optimistic declarations, near-term volatility remains a factor. Markets continue to worry about another Federal Reserve rate hike before year-end, which could pressure risk assets including cryptocurrencies. The Fed’s 25 basis point increase on September 16 marked its first hike since 2023, signaling a shift in monetary policy stance.
Bitcoin and Ethereum have historically shown sensitivity to interest rate changes, as higher rates increase the opportunity cost of holding non-yielding assets. The current price action reflects this uncertainty, with BTC down 2.39% and trading well below its all-time high. However, both Horsley and Lubin appear to view any rate-related volatility as temporary noise rather than a fundamental threat.
The divergence in timing between Horsley’s and Lubin’s assessments reflects different frameworks for measuring market cycles. Horsley focuses on seller exhaustion and recent institutional building, suggesting a more recent turning point, while Lubin emphasizes longer-term infrastructure development and Ethereum’s established position. Both frameworks, however, reach the same conclusion: the crypto winter has ended.
What the End of Winter Means for Investors
The declarations from two prominent industry leaders carry weight given their positions at major crypto infrastructure companies. Bitwise manages significant crypto investment products, giving Horsley visibility into institutional flows and positioning. MetaMask, meanwhile, serves as a gateway to decentralized applications for millions of users, providing Lubin with data on actual blockchain usage.
For investors, the end of crypto winter suggests a shift from defensive positioning to opportunity seeking. Horsley’s hope that prices do not move too fast indicates a preference for gradual, sustainable appreciation over speculative spikes. This measured approach would allow institutions and wealth managers to build positions without triggering the boom-bust cycles that have characterized previous crypto markets.
Both executives agreed on another key point, though the source text did not complete the thought, suggesting alignment on multiple aspects of the market outlook beyond just the end of winter. The convergence of views from leaders in asset management and blockchain infrastructure provides cross-sector validation of the improving market conditions.