Hashed CEO: The 4-year crypto cycle is over

Kim Seo-joon, CEO of South Korean blockchain investment firm Hashed, has stated that the traditional four-year cryptocurrency cycle has ended. He argued that early cycles were a mechanical phenomenon driven by the Bitcoin halving, which created a supply shock in a market that lacked real demand. According to Kim, that era has passed, and the halving now has little effect on the market. Kim asserted that the crypto market is now moved by organic demand, including inflows from retail and institutional investors, ETFs, tokenization, and deeper financial integration. He views the recent downturn not as a cycle reset but as a temporary shift of capital to gold and tech stocks amid uncertainty. He added that behind the market noise, crypto fundamentals like infrastructure, liquidity, and participation continue to strengthen. Kim believes everything ownable will be tokenized and that crypto is becoming the "lifeblood of capitalism," advising investors to track on-chain revenue and real cash flows to see where the next cycle is already compounding.