
In his Q4 2025 “Crypto Market Review,” the illustrious Chief Investment Officer Matt Hougan declares this quarter to be an inflection point-an important one, mind you-because, as he charmingly notes, “the signals are not all moving in the same direction.” A veritable cacophony of financial symphonies! “Every once in a while,” he mused, “the charts are mixed.” And how mixed they were, reminiscent of a particularly overzealous salad, tossed haphazardly in the aftermath of FTX’s dramatic collapse. Up, down, sideways-what a delightful mess! And yet, in the two years that followed, crypto prices took flight like an over-caffeinated pigeon.