The crypto market is facing significant turbulence this week, with both Bitcoin (BTC) and Ethereum (ETH) experiencing substantial losses. Institutional investors remain resilient despite the sell-off, but retail sentiment is shifting towards selling pressure, leading to a combined $797 million outflow over the last 24 hours. This comes amidst a broader market trend marked by capital exhaustion, declining ETF inflows, and increased concerns about a potential crypto winter. Bitwise CIO Matt Hougan offers contrasting perspectives on this downturn, emphasizing that institutional investors remain active buyers of Bitcoin, while retail traders are experiencing a wave of panic selling.