Kraken co-CEO Dave Ripley suggested that Bitcoin’s return above $80,000 could mean its bear market was already over—and that the downturn may have been the mildest in Bitcoin’s history, according to a ChainCatcher report published on November 9, 2026, at 22:41:02 (UTC+8).
Speaking with host Spencer Nichols on the Bitcoin Magazine Podcast, Ripley said the recovery led him to think “that was the bear market.” That is an exchange executive’s interpretation of the cycle, not an independently established conclusion. The supplied report does not include drawdown figures or historical comparisons to substantiate the “mildest” characterization.
The broader institutional narrative
Ripley discussed how retail and institutional clients approach Bitcoin, why the current cycle did not resemble a bear market to him, and Bitcoin’s positioning as digital gold for institutions. He also revisited banks’ earlier preference for blockchain over Bitcoin.
On payments, he argued that stablecoins demonstrate the viability of permissionless systems and could open the door to Bitcoin payments. Other topics included AI agents using crypto payments and how AI is changing Kraken’s operations.
Kraken’s business context
The conversation also covered Kraken’s reasons for acquiring a European bank, diversifying revenue before an IPO, and progress with xStocks in tokenized equities. The brief report provides no further acquisition details or measures of xStocks adoption.
Ripley’s market assessment therefore sits alongside a discussion of Kraken’s own business strategy. The distinction matters: the report documents his view of the cycle, but does not establish that the bear market had ended or that it was historically the mildest.