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- Bitcoin Halving Cycles? No Longer Key, Says Bitwise's Matt Hougan</p>
<p>Murtuza J MerchantJuly 26, 2025 at 2:32 AM</p>
<p>Bitcoin Halving Cycles? No Longer Key, Says Bitwise's Matt Hougan</p>
<p>Matt Hougan, Chief Investment Officer at Bitwise Asset Management, says the era of crypto's traditional four-year market cycle is over.</p>
<p>What Happened: In an X post on Friday, Hougan pointed to structural changes in the market, led by spot ETF flows, regulatory clarity, and deepening institutional participation as evidence that the halving-driven boom-and-bust rhythm is giving way to a more sustained, multi-year growth trajectory.</p>
<p>He emphasized that the factors which fueled past market cycles—such as halving-induced supply shocks and cyclical collapses are weakening in influence.</p>
<p>"The halving is half as important every four years," Hougan wrote, referencing the declining marginal impact of Bitcoin's (CRYPTO: BTC) quadrennial supply reduction.</p>
<p>He also noted that interest rates, a major headwind in 2018 and 2022, are now turning supportive of crypto markets.</p>
<p>Hougan added that the rise of regulated frameworks and the growing presence of institutional-grade infrastructure have "attenuated blow-up risk," making catastrophic collapses less likely.</p>
<p>However, he did flag the emergence of crypto treasury companies as a new market-wide risk to monitor, calling their influence "significant."</p>
<p>Also Read: $4,000 Is Ethereum's Last Hurdle Before Price Discovery, Says Galaxy Digital's Mike Novogratz</p>
<p>The bigger shift, according to Hougan, is the advent of long-term, non-cyclical investment forces that don't align with the historical pattern.</p>
<p>The launch of spot crypto ETFs in 2024 has triggered what he believes is a 5–10 year capital migration into digital assets via traditional channels.</p>
<p>Institutions such as pensions and endowments are now exploring crypto allocations, and many national account platforms are still in the process of approving ETF access.</p>
<p>He also cited the passage of the GENIUS Act in July 2025 as a catalyst for Wall Street's increasing involvement in the crypto sector.</p>
<p>"Wall Street is just now starting to build on crypto," Hougan noted, forecasting billions in new investment in the coming quarters.</p>
<p>What's Next: Hougan tempered expectations by warning that volatility will remain high, but reiterated his belief that 2026 will be a strong year for crypto not due to a "super-cycle," but because of a "sustained and steady boom" driven by fundamental capital flows.</p>
<p>Read Next:</p>
<p>Remember CryptoPunks? This Public Company Just Traded $5.15 Million Worth Of Stock For A JPEG</p>
<p>Image Shutterstock</p>
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<p>This article Bitcoin Halving Cycles? No Longer Key, Says Bitwise's Matt Hougan originally appeared on Benzinga.com</p>
<p>© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.</p>
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