'We Go Higher Fast' — Bitwise CIO Predicts Bitcoin Breakout as Investors Fear Being Left Behind

By: bitcoin.com|2024/10/22 14:13:40

Bitcoin’s sharp rally has Bitwise CIO Matt Hougan rethinking how fast the crypto could skyrocket, as investors rush to position themselves ahead of the next big surge. “People don’t want to be left behind if and when crypto takes off,” he stressed. “There is a lot of dry powder on the sidelines.” He predicted: “As soon as we get any whiff of clarity, I think we go higher fast.”

Matt Hougan Discusses Crypto Rally Fueled by Regulatory Hopes

Matt Hougan, the chief investment officer at Bitwise Asset Management, released a memo on Tuesday titled “Crypto Is Not Going To Wait for the Election,” where he delved into the notable surge in cryptocurrency markets.

The executive observed that bitcoin climbed more than 5%, while ether jumped over 7%, marking the most significant one-day increase in nearly two months. He explained:

The rally was caused in part by a plan Democratic presidential candidate Kamala Harris unveiled on Monday, which — among other things — espoused a smart regulatory framework for crypto.

Investors reacted strongly to this news, funneling $555 million into bitcoin exchange-traded funds (ETFs) on Monday, marking the largest inflow in four months, he described. However, Hougan suggested that while Harris’s proposal made headlines, it was more symbolic than transformative for the industry. He likened it to a “Rorschach test” for those on both sides of the regulatory debate but acknowledged its impact on market momentum.

Hougan pointed out that even the smallest piece of favorable news could ignite movement in the crypto space. “That little sliver of good news was enough to send bitcoin up 5%. Enough to push more than $500 million into bitcoin ETFs. Enough for people to start wondering if crypto is finally going to make an assault on all-time highs,” he wrote. He noted that the price activity reflects significant capital waiting to enter the market once regulatory conditions become clearer.

Regarding bitcoin’s price trajectory, Hougan recalled his prior forecast: “In last week’s memo, I talked about what was needed to push crypto to new all-time highs and bitcoin above $80,000. In terms of the election, I mentioned that either a GOP victory or a split government would do. My comments implied that we would have to wait until the election before we made the next run on $80K.” But in his latest note, he opined:

After today, I’m not so sure. Monday’s rally tells me people don’t want to be left behind if and when crypto takes off. There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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