Bitwise CIO： The traditional four-year cycle of Bitcoin has ended, and the market is entering a new phase dominated by macroeconomic factors

According to BlockBeats, on February 1st, Bitwise Chief Investment Officer Matt Hougan stated in a letter to clients that Bitcoin's traditional four-year cycle may have come to an end. Matt Hougan believes that with the influx of institutional investors and the maturity of market structure, the price volatility and cyclicality of Bitcoin will become more stable, no longer significantly affected by halving events The Bitcoin market is entering a new stage dominated by macroeconomic factors and long-term investment strategies. With the development of the cryptocurrency market, traditional market cycles may no longer be applicable, marking a shift towards broader institutional integration and sustained investor interest.