Matt Hougan, Chief Investment Officer at Bitwise Asset Management, says the era of crypto’s traditional four-year market cycle is over.
What Happened: In an X post on Friday, Hougan pointed to structural changes in the market, led by spot ETF flows, regulatory clarity, and deepening institutional participation as evidence that the halving-driven boom-and-bust rhythm is giving way to a more sustained, multi-year growth trajectory.
He emphasized that the factors which fueled past market cycles—such as halving-induced supply shocks and cyclical collapses are weakening in influence.
“The halving is half as important every four years,” Hougan wrote, referencing the declining marginal impact of Bitcoin‘s (CRYPTO: BTC) quadrennial supply reduction.
He also noted that …