PANews reported on February 1 that Bitwise Chief Investment Officer Matt Hougan tweeted that Bitcoin's traditional four-year cycle may have ended. The current cycle stems from the massive deleveraging that occurred after the scandal in 2022: FTX, Three Arrows Capital, Genesis, BlockFi, Celsius, etc. With the influx of institutional investors and the maturity of market structure, Bitcoin's price volatility and cyclicality will be smoother and no longer significantly affected by halving events. The Bitcoin market is entering a new stage dominated by macroeconomic factors and long-term investment strategies. As the crypto market develops, traditional market cycles may no longer apply, marking a shift toward broader institutional integration and continued investor interest.

At the same time, a change in Washington's attitude toward cryptocurrencies will have a greater impact, or bring trillions of dollars in capital inflows. Compared with the past few years, any pullback will be shorter and shallower than in the past few years, and we are in a new mainstream era for cryptocurrencies.