Everyone's bearish on crypto — but Bitwise CEO says that's a sign of victory

Crypto may be in a “vibe” crisis after Bitcoin slid below $110,000. Many industry veterans say the mood on chat groups and social media resembles a bear market.

However, according to Bitwise CEO Hunter Horsley, this divergence could be a sign that crypto has truly matured.

Bitwise and Nick Carter say crypto's boredom signals its maturity

“Crypto natives are now in a months-long bear market mentality,” said Hunter Horsley, CEO of one of the largest crypto index fund managers.

The statement came after Bitcoin slipped below $110,000 and was trading at $109,535 in early Friday morning US session.

Against this backdrop, sentiment on X (Twitter) and in the crypto media has been rather bleak. However, Horsley highlighted the declining regulatory risk and the strong institutional interest, suggesting unprecedented market growth.

“Off-Twitter sentiment is the best it’s ever been. The market is changing,” he added.

Horsley's post comes after a viral comment from analyst and investor Will Clemente, who lamented that “the vibes in crypto chat groups are depressing… everyone seems depressed, lethargic, and resigned.”

This sentiment reflects what many traders are Chia : despite the favorable macro backdrop , excitement has cooled off.

However, venture capitalist Nick Carter of Castle Island Ventures argues that this “boredom” is actually a celebration in disguise.

“Crypto has become boring because so many unanswered questions have been answered. Are stablecoins allowed? Yes. Are we banned? No. Are we integrated into traditional finance (TradFi)? Yes… These are the hallmarks of a winning industry,” Carter wrote .

Carter said the reduced volatility and regulatory clarity reflected a “mature, de-risked technology platform” that now attracts serious businesses and Web2 experts rather than speculative risk-takers.

According to him, crypto's chaos-based advantage has been replaced by a new competitive advantage: the ability to deliver real value to users .

That shift, Carter added, means crypto natives no longer control the narrative. Instead, traditional finance, big businesses, and payments players increasingly shape the next growth cycle.

“If you are sad because the volatility has cooled, smile through your tears — it means we won,” he wrote.

In the same vein, Messari analyst Dan commented that a quiet market is not a bad thing.

“I'm happy when 'tourists' leave and traders get rekt. It's much more comfortable when the ecosystem is dominated by people who truly understand the long-term vision,” Dan added .

Ironically, crypto fatigue may mark the moment it enters the financial mainstream. As the speculative feeling fades and the framework is established, the mood may resemble a bear market.

However, the underlying factors suggest that this could be the look of victory.