Bitcoin (BTC-USD) has pulled back sharply, but exchange-traded fund (ETF) investors are holding firm even as earlier crypto holders sell. Bitwise Asset Management chief investment officer Matt Hougan joins Yahoo Finance host Julie Hyman to break down what's driving the downturn, where institutional flows stand, and why the recovery may depend on multiple catalysts rather than a single turning point. Bitwise operates several of its own bitcoin ETFs (BITB, BITC, BTOP) and crypto ETFs (BITQ, BITW). To watch more expert insights and analysis on the latest market action, check out more Market Catalysts.