Bitwise CEO Says Bitcoin’s Four-Year Cycle Is Over as Institutions Take Charge

Bitcoin has traditionally been seen as following a bull-bear cycle tied to its four-year halvings, with prices rising for three years and falling for one. That framework has long shaped retail investors’ market timing. As traditional financial firms including BlackRock and Morgan Stanley expand their presence, capital and pricing power are shifting to Wall Street, making the cycle’s continued relevance a key factor in market risk assessments.

On May 8, 2026, Bitwise co-founder and CEO Hunter Horsley told Consensus 2026 in Miami that the four-year cycle was over. Bitwise had reached $15 billion in assets under management and offered more than 30 products, while stablecoin supply had surpassed $300 billion. Horsley expects Bitcoin-collateralized yield products to become widespread over the next 12 months and the payments narrative to make an accelerated comeback.