Matt Hougan: Crypto's four-year cycle is dead, 2026 will see "continued steady growth"

Bitwise CIO Matt Hougan wrote that the "four-year crypto cycle is dead", with traditional driving forces behind the cycle weakening, such as diminishing halving effects, a shift towards a positive interest rate environment, and risks gradually being institutionalized. He believes that longer-term forces like ETF capital inflows, institutional participation, regulatory advancement, and Wall Street's entry are now driving market rhythm. Despite potential volatility, he is optimistic about the overall performance in 2026 and the coming years. This is more likely to be a "sustained and steady rise" rather than a one-time super cycle.