Bitwise Chief Investment Officer Matt Hougan stated that as the crypto market matures, institutional participation increases, and the regulatory framework becomes clearer, Bitcoin's 'four-year cycle' is losing its influence. The inflows into spot Bitcoin ETFs and legislative support such as the 'Genius Act' are driving the market into a more long-term growth trajectory.

CryptoQuant CEO Ki Young Ju also pointed out that the traditional 'accumulation-distribution' model is no longer applicable, as institutional investors are replacing traditional 'whales' to become the dominant buyers in the market.

Outlook prediction: Bitcoin is entering a new phase of more stable, long-term growth, no longer overly reliant on past halving cycles.

https://x.com/Matt_Hougan/status/1948709817125593227