Market Outlook
Hunter Horsley, CEO of Bitwise Asset Management, announced on November 14, 2025, that the crypto market is exiting a bear phase due to new market structures and ETF influences. This signals a potential market rebound, bolstered by institutional interest and ETF activity, paving the way for renewed crypto enthusiasm and potential investment opportunities.
Structural Changes and Institutional Impact
Hunter Horsley of Bitwise Asset Management has indicated the end of a crypto bear market, citing new market structures and institutional participation as pivotal factors. This marks the potential start of a positive cycle.
Horsley noted that the crypto market dynamics have changed, particularly following Bitcoin ETFs. He anticipates the market's recovery due to strengthened positions and growing institutional trust. "We talk about 4-year cycles. But the reality is that this model is based on a bygone era of crypto. Since the launch of Bitcoin ETFs and new management, we have entered a new market structure: new players, new dynamics, new reasons why people buy and sell. I think there is a pretty good chance that we have been in a bear market for about 6 months and have almost gotten over it. The current state of cryptocurrencies has never been stronger." — Hunter Horsley
ETF Influence and Investor Confidence
The launch of new ETFs is boosting speculative interest and potential market growth. Investors are observing Ethereum's outperformance, while XRP anticipates significant changes with its upcoming ETF.
Institutional inflows have increased despite recent volatility. This suggests growing confidence among financial entities, contributing to emerging market stability and potential sustained growth.
Future Cycles and Regulation
Many experts predict the changing market structure may alter future bullish cycles. The historical precedents indicated institutional products often lead to positive market movements.
Analysts argue the expanded role of ETFs and enhanced crypto regulation will likely stimulate further investor confidence. These factors are deemed critical for the industry's long-term success and stability.