Bitwise CIO Matt HouganHe stated that the weekend turmoil triggered by US President Trump’s threat of 100 percent tariffs on China did not cause permanent damage and that there was no change in the fundamental outlook of the cryptocurrency market. The sales wave that started on Friday night last week accelerated the liquidation of leveraged positions, causing an estimated liquidation of at least $20 billion. Bitcoin 
$112,758.61 While it decreased by 15 percent to the $ 100,000 range in some stock exchanges, Ethereum 
$4,160.55 of 20 percent, solana fell over 40 percent. With the new week, Bitcoin has recovered to approximately $115,000 and is currently moving around $112,500.
Hougan: Market Fundamentals in Place
Hougan sent a letter to investors on Tuesday night. in the note cryptocurrency marketHe emphasized that the recovery following the collapse in Turkey was due to the lack of change in core elements. He emphasized that the infrastructure technology, security architecture and regulatory framework remain in place. In his message, he stated that conditions that could affect the long-term direction have not occurred, and that the shakeout is more of a chain effect caused by liquidity withdrawal and deleveraging.
Investor behavior also supported the picture. Hougan, who said he did not receive panic calls from professional funds even though media attention increased, commented, “If the inbox is quiet, there is no permanent distrust.” He added that market makers’ short-term cautious stance could increase volatility, but the bullish cycle could pick up where it left off when the focus returns to the underlying story.
Cryptocurrency Field Managed to Survive
Hougan based his assessment on three questions. He emphasized that he first examined whether a major player had collapsed, and that as a result of his conversations with partners from depository institutions to liquidity providers, the losses were mostly concentrated in individual and leveraged transactions, and the institutions remained afloat.
On the technology side, Blockchain networks continue to operate under stress, Uniswap, hyperliquid And Aave He stated that protocols such as these carry out transactions smoothly. He added that there were disruptions in some central platforms. For example Binancestated that it refunded $283 million after depeg incidents on the platform and then launched a $400 million improvement initiative. He added that, in general, the cryptocurrency infrastructure manages high volatility at least as well as traditional markets.
