Bitwise’s chief investment officer Matt Hougan says Strategy (STRC) is experiencing an “end-of-cycle” selloff consistent with broader late-stage bitcoin market dynamics, rather than indicating that the company is fundamentally breaking or under immediate stress. In comments reported by The Block and echoed by CoinDesk, Hougan frames the sharp move in STRC as part of a leverage unwind that typically occurs near market bottoms. Both outlets describe the volatility as reflecting end-of-cycle deleveraging, when positions are reduced and risk is lowered across the crypto market.
CoinDesk adds that Bitwise expects institutional demand to persist and potentially increase after the volatility period, suggesting that new buyers—rather than Strategy being a lone or declining source of support—could step in as bitcoin’s leading buyer. Across both reports, the emphasis is on interpreting STRC’s trading behavior as a cycle-related phenomenon tied to bitcoin’s broader pattern of late-cycle adjustment, not as a standalone signal that Strategy faces a specific imminent event.
