95% of Bitcoin Already Owned: Bitwise CIO Says It’s Starting to Act Like Digital Gold

Bitcoin is holding steady as markets wobble, and Bitwise CIO Matt Hougan says that’s no accident. In a new note, he claims Bitcoin is “acting like an asset that wants to go higher,” even as macro pressures weigh it down. While stocks slump and gold shines, Bitcoin hasn’t blinked, hovering near its recent levels. But with geopolitical risk rising and traditional safe havens outperforming, the question isn’t just whether Bitcoin can go higher; it’s whether we’re finally seeing it grow up.

Bitcoin’s Behavior Is Changing, And That Matters

Bitcoin’s muted reaction to economic shocks is turning heads. In past downturns, the Bitcoin price would crash far harder than stocks. This time, it’s matching equity losses, not outpacing them. To Bitwise CIO Matt Hougan, that’s a major shift. He says Bitcoin now looks more like a maturing macro asset than a hyper-volatile trade. What’s changed? Institutional exposure is growing, and policy shifts like the U.S. Strategic Bitcoin Reserve signal that Bitcoin is being treated more seriously.

95% of the world’s largest investors have zero exposure to bitcoin, but 95% of all bitcoin is already owned.

— Matt Hougan (@Matt_Hougan) November 25, 2024

Source: X

Still, Bitwise CIO Hougan admits BTC isn’t acting like a pure hedge. Gold has outperformed, and Bitcoin’s resilience doesn’t mean it’s immune. But the fact that it’s staying afloat while markets shake is a sign of strength. And with so much of the Bitcoin Reserve already owned and most major investors still sitting out, the supply-demand dynamics are tightening. Ninety-five per cent of the world’s largest investors have zero exposure to Bitcoin, but ninety-five per cent of all Bitcoin is already owned. That imbalance could shape the next major move.

What This Really Means for Bitcoin

This isn’t about a rally. It’s about how Bitcoin is starting to behave more like a strategic asset than a speculative gamble. And that shift matters. The old playbook, wait for stocks to crash and Bitcoin price to nosedive harder, doesn’t seem to be working anymore. Bitcoin’s stability through chaos shows it’s stepping into a new role.

We are no longer entitled to an "alt season." That concept arose in an era when the primary value of crypto was speculative.

We've entered into the fundamental era of crypto, which means more dispersion in individual asset returns. https://t.co/eeD2jpwa7Y

— Matt Hougan (@Matt_Hougan) April 15, 2025

Source: X

But don’t confuse this with altcoin season; it’s not coming back. We are no longer entitled to an “alt season.” That concept arose in an era when the primary value of crypto was speculative. Today, fundamentals are separating winners from noise. Bitcoin’s strong hands and growing institutional alignment reflect that change.

We’ve entered into the fundamental era of crypto, which means more dispersion in individual asset returns. The high-correlation days are fading. Bitcoin’s behavior now reflects broader macro themes, not just hype or meme cycles. As traditional markets wobble, Bitcoin’s maturity isn’t just noticeable; it’s becoming a key part of its appeal.

From Volatile Risk Asset to Emerging Digital Gold

Bitcoin is no longer just shadowing risk assets or spiking on hype. It’s grinding through macro pressure and showing real durability. That doesn’t mean it’s a hedge like gold or that volatility is gone. But it does mean Bitcoin’s role in portfolios is shifting. We’re watching the “digital gold” narrative solidify in real time. If institutions begin rotating in, the game changes. The noise isn’t going away, but under the surface, Bitcoin is growing up. And the market is starting to notice.