Bitwise CIO Matt Hougan says the STRC unwind is clearing excess leverage from Bitcoin and could signal that the crypto market is nearing a bottom.

Bitwise CIO Matt Hougan says Strategy's STRC selloff reflects the kind of "end-of-cycle" deleveraging that precedes a bitcoin market bottom.

Bitwise said STRC's volatility reflects a late-cycle leverage unwind, with institutions poised to replace Strategy as bitcoin's biggest buyer.