Odaily News Bitwise Chief Investment Officer Matt Hougan wrote on the X platform that Bitcoin's traditional four-year cycle may have come to an end.
He believes that with the influx of institutional investors and the maturity of market structure, Bitcoin's price volatility and cyclicality will be more stable and no longer significantly affected by halving events. The Bitcoin market is entering a new stage dominated by macroeconomic factors and long-term investment strategies. As the crypto market develops, traditional market cycles may no longer apply, marking a shift toward broader institutional integration and sustained investor interest.
At the same time, a change in Washington's attitude toward cryptocurrencies will have a greater impact, or bring trillions of dollars in capital inflows. Compared with the past few years, any pullback will be shorter and shallower than in the past few years, and we are in a new mainstream era for cryptocurrencies.