The stablecoin giant saw sharp growth in its USDT token's supply, and was one of the world's largest U.S. government debt holder with $141 billion Treasury exposure.

After a bruising 2025, Hougan sees sideways Bitcoin trading, rising institutional interest and early central bank curiosity setting up the next cycle.

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The bitcoin-to-gold ratio rebounded from recent lows, mirroring a pattern seen in the 2019-2020.

While Fed chair speculation drives uncertainty across equities, rates, and crypto.

Metals remain a leading theme for the year while bitcoin trades independently, suggestive of its growing role as a standalone risk asset.