Is the Bitcoin bear market already over? Kraken co-CEO Dave Ripley thinks it may be. Appearing on the Bitcoin Magazine Podcast, Ripley said Bitcoin's move back above $80,000 makes him believe “that was the bear market” — and that the asset is now “on our way out of it,” potentially marking the softest bear market in Bitcoin's history.

Ripley made the remarks in a conversation with host Spencer Nichols, where he explained how both retail and institutional customers are approaching Bitcoin in the current market environment. As co-CEO of one of the longest-running cryptocurrency exchanges, Ripley's read on the cycle is grounded in day-to-day activity across the exchange's retail and institutional customer base — a vantage point that distinguishes exchange leadership commentary from outside analysis.

The discussion begins with why this cycle has not felt like a traditional bear market, before looking back at the era when banks dismissed the technology with the phrase “blockchain, not Bitcoin” — the slogan that came to define traditional finance's attempt to adopt distributed ledger technology while steering clear of the asset itself. Ripley also cites stablecoins as evidence that permissionless systems work in practice.

The conversation then turns to Kraken's corporate strategy, offering a look at how major exchanges are broadening beyond core trading services. Ripley explains why the exchange acquired a European bank and how it is diversifying revenue ahead of an IPO. He also covers xStocks and their leading role in tokenized equities, one of the areas where crypto infrastructure and traditional securities markets increasingly meet, and frames Bitcoin as digital gold for institutions.

On payments, Ripley describes how stablecoins are opening the door for Bitcoin payments and discusses the rise of AI agents making crypto payments, a development that ties crypto rails to the broader shift toward automated transactions. He also outlines how artificial intelligence is changing the way Kraken operates, before closing with the firm's prop trading desk, pay services, and what's ahead.

For readers tracking what comes next, the threads Ripley put on the table — how Kraken puts its European banking acquisition to use, how tokenized equities and stablecoin-enabled Bitcoin payments develop, and how AI-driven payments mature — map the areas to watch as the exchange moves toward its IPO.

The full episode is available on YouTube.

This post first appeared on Bitcoin Magazine and was written by Mark Mason.

Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.