Two Crypto CEOs Call the End of Winter, One Says It Happened a While Back

Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin both say the crypto winter is over. 

On the sidelines of TOKEN2049, Horsley credited sellers exiting the market and the sector’s growing substance. Lubin, an Ethereum co-founder, believes the thaw arrived quite a while ago.

Bitwise Sees a Sweet Spot After Sellers Exit

Speaking to CNBC, Horsley said 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. 

He also cited stronger usage and revenue numbers across some crypto platforms. Access through exchange-traded funds (ETFs) and exchange-traded products (ETPs) is greater than ever, he added. He said that mix of somewhat exhausted sellers, strong substance, and high access supports a strong market outlook.

“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,” he said.

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.

Still, he hopes prices do not move too fast. He described the current moment as a sweet spot for institutions and wealth managers to build exposure.

BTC traded at $83,309 at press time, down 2.39% over the past 24 hours, according to BeInCrypto Markets data. That leaves it about 33.9% below its all-time high of $126,080, set on October 6, 2025.

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The price has also seen volatility as markets worry about another Federal Reserve rate hike before year-end. The Fed raised rates by 25 basis points on September 16, its first hike since 2023.

Lubin Says the Thaw Arrived Earlier

In a separate interview with CNBC, Lubin offered a different view on when the downturn ended.

“So the crypto winter has actually been over for quite a while, depending on your perspective,” he said.

On the institutional side, Lubin pointed to the recognition of Ethereum (ETH) as a credibly neutral, censorship-resistant settlement layer. He also said Ethereum has already won its category as the smart contract platform for the next-generation economy.

In his view, trends in stablecoins and real-world assets show digital assets starting to move into decentralized finance (DeFi).

Both executives also agreed on another key issue, the Clarity Act. Many in the industry saw the bill’s failure to advance through the Senate as a major setback.

However, Horsley said he sees no partners or clients waiting on the bill. Meanwhile, Lubin expects the SEC and the Commodity Futures Trading Commission (CFTC) to deliver clarity through rulemaking and no-action letters.

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