Bitwise Chief Investment Officer: Cryptocurrency's four-year cycle may have ended

PANews reported on February 1 that Bitwise Chief Investment Officer Matt Hougan tweeted that Bitcoin's traditional four-year cycle may have ended. The current cycle stems from the massive deleveraging that occurred after the scandal in 2022: FTX, Three Arrows Capital, Genesis, BlockFi, Celsius, etc. With the influx of institutional investors and the maturity of market structure, Bitcoin's price volatility and cyclicality will be smoother and no longer significantly affected by the halving event. 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, changes in Washington's attitude towards cryptocurrencies will have a greater impact, or bring in trillions of dollars in capital inflows. Compared with the past few years, any pullback will be shorter and shallower than a few years, and we are in a new mainstream era of cryptocurrencies.