Bitwise CEO: Crypto market's 4-year cycle is over

Bitwise CEO Hunter Horsley has argued that the traditional four-year cycle of the cryptocurrency market has effectively ended. Speaking at the 2026 Consensus conference, he said that while the market previously repeated a cycle of a three-year bull market followed by a one-year bear market, this formula is now broken. Horsley added that the market has entered a new phase and is being reorganized into a different structure centered on institutional investors.