🚨 NEW: Bitwise has cut 14% of its workforce, reducing headcount from roughly 180 to 155 employees amid the prolonged crypto market downturn. 📉
The cuts come as crypto firms across the industry reduce costs, but CEO Hunter Horsley says Bitwise’s remaining team is still the largest in the company’s eight-year history and expects the business to continue growing as crypto becomes more integrated into the global economy. $LINK
What this suggests:
• Crypto asset managers are feeling the impact of weaker market conditions
• The industry is entering a period of cost-cutting and consolidation.$DOGE
• Bitwise still has more than 70 crypto products and roughly $9B in assets
• The layoffs don't necessarily signal a retreat—management continues to expect long-term growth $ADA
📊 Market takeaway:
⚠️ Bearish near term for crypto sentiment. Bitwise joining Coinbase, FalconX and other firms in cutting staff shows the downturn is affecting even major institutional players. However, the fact that Bitwise's workforce remains at an all-time high suggests this is more likely cost optimization during a weak cycle than a collapse in its long-term crypto strategy.
#Bitwise #BinanceP2PAnToan #TheoDõiFOMC
The cuts come as crypto firms across the industry reduce costs, but CEO Hunter Horsley says Bitwise’s remaining team is still the largest in the company’s eight-year history and expects the business to continue growing as crypto becomes more integrated into the global economy. $LINK
What this suggests:
• Crypto asset managers are feeling the impact of weaker market conditions
• The industry is entering a period of cost-cutting and consolidation.$DOGE
• Bitwise still has more than 70 crypto products and roughly $9B in assets
• The layoffs don't necessarily signal a retreat—management continues to expect long-term growth $ADA
📊 Market takeaway:
⚠️ Bearish near term for crypto sentiment. Bitwise joining Coinbase, FalconX and other firms in cutting staff shows the downturn is affecting even major institutional players. However, the fact that Bitwise's workforce remains at an all-time high suggests this is more likely cost optimization during a weak cycle than a collapse in its long-term crypto strategy.
#Bitwise #BinanceP2PAnToan #TheoDõiFOMC