Crypto Execs Say Winter Is Over; Lubin Sees an Earlier Thaw

The crypto winter is over, according to both Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin.

At TOKEN2049, Horsley put the shift down to sellers exiting the market and the sector's growing substance. Lubin, one of Ethereum's co-founders, believes the thaw arrived quite some time back.

Bitwise Sees a Promising Moment After Sellers Depart

In a CNBC interview, Horsley said the bear market that has run since late last year has already pushed many sellers out. On the positive side, he pointed to institutions building in the sector.

Some crypto platforms, he said, are posting stronger usage and revenue numbers. Access via exchange-traded funds (ETFs) and exchange-traded products (ETPs), he added, has never been greater. That blend of partly spent sellers, solid substance and broad access, he said, supports a strong market outlook.

“I think the crypto winter is over. I think that the substance in the space has grown tremendously over the course of 2026. And yeah, I think many investors are optimistic about the outlook,” he said.

Turning to Bitcoin (BTC), Horsley said a fresh all-time high next year, arriving earlier than expected, would not take him by surprise. He noted that he was not putting forward Bitwise's official stance and deferred to Chief Investment Officer Matt Hougan.

He would prefer prices not to climb too quickly. He described current conditions as an ideal window for institutions and wealth managers to build exposure.

At press time, BTC stood at $83,309, down 2.39% over the past 24 hours, per BeInCrypto Markets data. That puts it roughly 33.9% below the all-time high of $126,080 reached on October 6, 2025.

Bitcoin has also shown volatility, with markets concerned about a further Federal Reserve rate hike before the year is out. On September 16, the Fed lifted rates by 25 basis points, its first increase since 2023.

Lubin: the Thaw Came a While Ago

Lubin struck a different note in a separate CNBC interview about when the downturn ended.

“So the crypto winter has actually been over for quite a while, depending on your perspective,” he said.

On the institutional front, Lubin flagged the recognition of Ethereum (ETH) as a credibly neutral, censorship-resistant settlement layer. Ethereum, he continued, has already triumphed in its category as the smart contract platform for the next-generation economy.

Stablecoin and real-world-asset trends, in his view, point to digital assets beginning to move into decentralized finance (DeFi).

Another area of agreement between the two executives was the Clarity Act. The bill's inability to move through the Senate was regarded by many in the industry as a major setback.

Horsley, though, said he is not aware of any partners or clients waiting on the bill. Lubin, for his part, expects clarity to come from the SEC and the Commodity Futures Trading Commission (CFTC) through rulemaking and no-action letters.