Bitwise Chief Investment Officer Matt Hougan points out that despite Bitcoin's 50% price decline since October 2025, spot Bitcoin ETFs have accumulated net inflows of approximately $60 billion since their launch in January 2024, while outflows have been less than $10 billion. He believes these figures demonstrate that institutional investors have demonstrated strong resilience, like "diamond hands," challenging the notion that they would flee under market pressure. Hougan argues that this data supports his long-term outlook for Bitcoin, namely that as Bitcoin matures in its position within the global store of value market, its price will ultimately reach $1 million.