The traditional four-year cycle that has defined the cryptocurrency market for over a decade is effectively over, according to Bitwise CEO Hunter Horsley. Speaking at the 2026 Consensus conference, Horsley argued that the familiar pattern of a three-year bull market followed by a one-year bear market has broken down, giving way to a new structure increasingly shaped by institutional investors.

A Shift in Market Dynamics

For years, market participants have relied on the four-year cycle as a framework for understanding price movements and planning investment strategies. This cycle was closely tied to Bitcoin’s halving events, which historically preceded significant rallies and subsequent corrections. However, Horsley contends that this…