Bitwise Asset Management has cut roughly 14% of its staff, taking the San Francisco firm to about 155 people from around 180, it confirmed to Bloomberg. The cuts land in a category that has concentrated sharply, with U.S. spot Bitcoin ETFs now holding about $77.5 billion in net assets, of which BlackRock's IBIT accounts for roughly $47.3 billion and Fidelity's FBTC another $10.9 billion, according to SoSoValue. Bitwise's fund holds about $2.3 billion, under 3% of the total. Bitcoin has fallen close to half from the record it set in October 2025 to around $64,000, in a slump now running about 10 months. BitMart Becomes Latest Crypto Exchange to Shut DownThe retail investors who once drove the crypto market are shifting to sports-betting platforms and AI stocks.