Bitwise CEO Says Bitcoin’s Traditional Four-Year Cycle Model Is Now Obsolete

Bitwise CEO Hunter Horsley believes the long-standing “four-year crypto cycle” model no longer reflects today’s market structure, according to ChainCatcher.Horsley said the launch of Bitcoin ETFs, along with major shifts in the regulatory landscape, has fundamentally changed how market participants behave. As a result, the classic cycle tied to Bitcoin halving events is losing relevance.ETF-driven capital flows reshape market behaviorHorsley noted that Bitcoin ETFs have introduced a new class of investors whose motivations and trading patterns diverge significantly from retail-driven cycles of the past. These flows have made the market more institutional and less predictable based on halving supply mechanics alone.Crypto is emerging from its bear phaseWhile acknowledging that the market may have recently been in a bear phase, Horsley argued that crypto is now on the verge of exiting the downturn. He added that the overall environment for allocating capital to digital assets has “never been stronger.”