Morgan Stanley is officially going "500 miles an hour" into Bitcoin, and Bitwise CIO Matt Hougan says this normalization is the ultimate signal for the next leg of the bull market.

Rob Wallace sits down with Matt Hougan to discuss why the "crypto winter" of 2025 was hidden by institutional ETF flows and why a massive "spring" bounce is now in the process of bottoming. Matt breaks down the "boogeyman" psychology of bear markets, the truth behind "paper Bitcoin" manipulation fears, and why the Federal Reserve will be forced to print money into AI-driven deflation, fueling the next massive wave of asset price inflation.

Key Takeaways:

• The Stealth Winter: Why Bitcoin would have dropped 75% in 2025 without the "boomer" ETF buffer.
• Institutional Normalization: What it means for the market now that $10T Morgan Stanley is putting their name on a Bitcoin ETF.
• Fed Pivot Theory: Why the next Fed Chair may cut rates more aggressively than the market expects due to AI.
• The 8-Meeting Rule: The mechanical process Sovereign Wealth Funds and Banks follow before they finally allocate.