Every major bitcoin correction brings the same question: Is the bottom finally in? Some say the market has already reset. Others expect more downside. I wanted to see what professional investors at crypto funds are actually saying and doing.
Most investors I spoke with think bitcoin could still move lower. The broader view is cautious, with many pointing to macro uncertainty, weaker liquidity, ETF outflows, and capital rotating into AI and traditional markets as reasons prices could face further pressure.
David Grider, partner at Finality Capital and head of the firm's liquid opportunities fund, said the fund turned cautious on bitcoin and digital assets in early October 2025, when the largest liquidation event in crypto's history occurred, and has remained defensive since. "Our current view is that bitcoin is in the mid-to-late stages of the current market cycle downturn," Grider said. "We don’t see a true market bottom until late Q3 or early Q4 this year."
Even investors who think bitcoin has likely found its bottom aren't expecting a strong rally anytime soon. Richard Galvin, executive chairman and chief investment officer at Digital Asset Capital Management, said he has a "relatively neutral" outlook for bitcoin over the next 12 months, while Cosmo Jiang, general partner at Pantera Capital, said the widely followed four-year bitcoin cycle could still keep the bear market going for a few more months.
