Recently, Bitwise Chief Investment Officer Matt Hougan put forward a thought-provoking point, comparing the current market situation of Bitcoin to the performance of gold prices before 2025.

Hougan pointed out that although gold has risen nearly 60% since 2025, significantly outperforming Bitcoin, this phenomenon may actually indicate a bright future for Bitcoin. He believes that the current market state of Bitcoin is very similar to the stage of gold before its explosive rise.

Looking back at history, central banks around the world started to buy large amounts of gold in 2022, but gold prices only showed parabolic growth until 2025. Hougan's analysis suggests that Bitcoin is in a similar accumulation phase. Since 2024, ETFs and companies have cumulatively purchased 1.39 million Bitcoins, a number that far exceeds the new supply on the network during the same period. However, due to early investors taking profits, the price of Bitcoin is still hovering around $110,000.

Hougan stated that once the selling pressure subsides and institutional investors continue to buy, Bitcoin is likely to experience a price surge similar to gold in 2025. This perspective delves into the time lag between asset accumulation and price explosion, providing investors with a fresh market insight.

This analysis not only reveals the potential dynamics of the Bitcoin market but also emphasizes the increasingly important role of institutional investors in the cryptocurrency market. As more traditional financial institutions enter this space, the value proposition of Bitcoin may be further strengthened, potentially leading to a new era of growth and adoption.