Bitwise chief investment officer Matt Hougan says Strategy won’t play as prominent a role in Bitcoin’s future price rallies after its STRC crisis forced the firm to rethink its Bitcoin-buying strategy.

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.