Bitwise CEO: Bitcoin's 4-year cycle is over, bear market nearing end

Hunter Horsley, CEO of spot Bitcoin ETF issuer Bitwise, has stated that Bitcoin's traditional four-year cycle is no longer a valid model. In a post on X, Horsley explained that the market structure has fundamentally changed following the launch of spot ETFs and the start of the new U.S. administration. He noted that the market is now driven by entirely different participants, trading motives, and liquidity mechanisms. Horsley also suggested that the past six months have effectively been a bear market, which he believes is now nearing its end.