**[Bitwise CIO: Bitcoin Retail Investors Are in a State of "Extreme Despair," but the Crypto Winter Will Not Arrive]** According to a report by Jinse Finance, Bitcoin has fallen below $10,000, hitting a new low since June and sparking market concerns: will there be a new round of "crypto winter" (i.e., a prolonged cryptocurrency bear market)? Every time cryptocurrencies experience a sharp decline in a short period, such fears emerge. However, Bitwise Chief Investment Officer Matt Hougan stated that although retail investors are currently in a state of "maximum despair," he believes this could actually signal that the market bottom is near, rather than far off. With the support of Wall Street institutional investors, financial advisors for Bitcoin, and the growth of cryptocurrency ETFs, he even boldly suggested that amidst the current dramatic sell-off, it is not impossible for Bitcoin to hit a new all-time high by the end of the year. In an interview on Tuesday, he said: "This is almost a tale of two markets. Crypto retail investors are in a state of maximum despair. We are seeing leveraged positions being liquidated... The sentiment in the crypto-native retail market is lower than I’ve ever seen before." However, Hougan believes that more crypto trading is gradually shifting toward institutionally dominated markets, "and interestingly, this market remains bullish."