Swan.my.id - Jakarta - The crypto market may have finally moved beyond the long period of weakness known as crypto winter. Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin both believe the industry has entered a stronger phase.
Their optimism comes as institutional adoption, blockchain infrastructure, stablecoins, and tokenization continue to expand. The development suggests that crypto recovery may be broader than simply a rebound in asset prices.
Horsley even believes Bitcoin could reach a new all-time high (ATH) in 2027. However, he stressed that the view is his personal opinion rather than an official Bitwise forecast. Meanwhile, Lubin argues that crypto winter may have ended much earlier when viewed from the perspective of blockchain development.
Bitwise CEO Says Crypto Winter Is Over
Hunter Horsley believes selling pressure across the crypto market has started to ease after many investors exited during the bearish period that began in late 2025.
At the same time, institutional participation has continued to increase. Horsley also pointed to growing usage and revenue across several crypto platforms as signs that the industry's fundamentals are improving.
Investment access has also expanded through exchange-traded funds (ETFs) and exchange-traded products (ETPs). These products have made it easier for traditional investors and wealth managers to gain exposure to digital assets.
“I think crypto winter is over,” Horsley said, emphasizing the rapid improvement in the industry's fundamentals throughout 2026. He also noted that investor optimism appears to be returning.
According to Horsley, the current environment could provide institutions and wealth managers with an opportunity to gradually build crypto exposure. However, he would prefer the market to avoid an excessively rapid price surge.
A slower recovery could give institutional investors more time to establish positions and allow the broader market to develop without excessive speculation.
Can Bitcoin Reach a New ATH in 2027?
Horsley said he would not be surprised if Bitcoin reached a new ATH in 2027, potentially sooner than some market participants expect.
However, investors should distinguish his personal view from Bitwise's official outlook. Horsley pointed to Bitwise Chief Investment Officer Matt Hougan for the firm's formal projections.
On October 8, 2026, Bitcoin was trading around $83,309, according to the source. That placed BTC approximately 33.9% below its previous ATH of $126,080, recorded on October 6, 2025.
The road toward a new Bitcoin ATH is also facing macroeconomic uncertainty. The Federal Reserve raised interest rates by 25 basis points on September 16, 2026, marking its first rate hike since 2023.
Concerns about another possible rate increase before the end of the year could continue to influence risk appetite. Higher interest rates can make traditional yield-bearing assets more attractive, potentially reducing demand for riskier assets such as Bitcoin.
Because of that, a new ATH in 2027 remains a possibility rather than a certainty.
MetaMask CEO Says Crypto Winter Ended Long Ago
Joseph Lubin has an even more optimistic interpretation of the market cycle.
The MetaMask CEO and Ethereum co-founder argued that crypto winter has already been over for some time, depending on how the recovery is measured.
From his perspective, the development of blockchain infrastructure is more important than short-term token prices. Institutional recognition of Ethereum has increased as the network gains attention as a neutral and censorship-resistant settlement infrastructure.
Lubin also sees Ethereum as a major smart contract platform for the next generation of the digital economy.
Meanwhile, stablecoins and real-world asset (RWA) tokenization are expanding the potential use cases for blockchain technology. These developments could support decentralized finance (DeFi) and create new ways to represent traditional assets digitally.
This distinction is important. A crypto winter does not necessarily end at the exact moment Bitcoin begins rising. The underlying industry can recover first through infrastructure investment, developer activity, institutional adoption, and new applications.
US Crypto Regulation Remains a Key Factor
Regulation remains another important issue for the industry's next phase.
Horsley and Lubin discussed the US Clarity Act, legislation designed to provide greater clarity for the country's crypto market. Previous obstacles in the Senate were viewed by some industry participants as a setback.
However, Horsley said Bitwise's partners and clients were not putting their activities on hold while waiting for the legislation to pass.
Lubin, meanwhile, believes regulatory clarity could also come from agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Rulemaking and no-action letters could provide additional certainty even before comprehensive legislation is completed.
Therefore, the crypto industry's development may continue despite uncertainty surrounding US regulation.
What Could Drive Bitcoin Toward a New ATH?
Several factors could influence whether Bitcoin eventually returns to its record high and potentially moves beyond it.
Key factors include:
- Institutional demand: Continued participation from asset managers and large investors could provide additional market liquidity.
- Bitcoin ETFs: Sustained ETF inflows could create another source of demand for BTC.
- Macroeconomic conditions: Interest rates, liquidity, inflation, and monetary policy remain important drivers of risk assets.
- Crypto infrastructure: Growth in wallets, exchanges, stablecoins, DeFi, and tokenization could strengthen the broader ecosystem.
- Regulatory clarity: Clearer rules in major markets could encourage more institutions to enter the sector.
- Investor sentiment: A sustained improvement in confidence could help support a broader market recovery.
However, none of these factors guarantees a new Bitcoin ATH.
Crypto Winter Ending Does Not Automatically Mean a Bull Market
The statements from Horsley and Lubin highlight an important distinction between an industry recovery and a full-blown bull market.
A crypto winter generally describes a prolonged period of weakness across the broader industry. It can involve declining prices, reduced investment, lower trading activity, and falling interest in digital assets.
A bull market, meanwhile, is primarily associated with sustained price appreciation across the market.
Therefore, the end of crypto winter does not automatically mean Bitcoin and altcoins will immediately enter a powerful rally.
The current market could instead represent a transition period. Institutional investors may continue building exposure while blockchain infrastructure develops and regulatory frameworks become clearer.
For Bitcoin, the $126,080 record remains an important benchmark. With BTC still below that level, the market will need stronger demand before a new ATH becomes a realistic outcome.
Conclusion
The views from Bitwise CEO Hunter Horsley and MetaMask CEO Joseph Lubin suggest that the crypto industry may have entered a new stage of development.
Horsley believes crypto winter is over and sees a possibility of Bitcoin reaching a new ATH in 2027. Lubin takes an even broader view, arguing that the industry's recovery has been underway for much longer when measured through blockchain adoption and infrastructure development.
Nevertheless, investors should not treat these comments as a guaranteed Bitcoin price prediction. Macroeconomic conditions, interest rates, institutional demand, regulation, and market liquidity will continue to influence the next major move.
For now, the most important question may not simply be whether crypto winter is over. It is whether the industry's improving fundamentals can eventually translate into sustained demand and a new Bitcoin price cycle.