On July 27, 2025, Bitwise's Chief Investment Officer (CIO) Matt Hougan stated that traditional four-year Bitcoin cycles no longer apply. According to him, the factors that previously shaped these cycles — halvings, interest rate changes, and speculative fluctuations — have lost their influence. Instead, the market is shaped by institutional demand and regulatory changes. Hougan noted that halvings are becoming less significant, and institutional interest in $BTC , particularly through ETFs, is taking on a long-term character.
The expert believes that the market is entering an era of stable growth rather than periodic peaks and troughs. He pointed to a 35% increase in institutional adoption and reduced risks due to regulations. For example, the migration of assets into BTC-ETFs could take 5-10 years, and legislative initiatives like the GENIUS Act could attract billions of dollars from Wall Street. Hougan predicts that cycles have become a thing of the past due to Bitcoin's evolution into an asset with real value.
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