Overview

• Matt Hougan says Bitcoin halvings have lost half their market impact every four years, undermining traditional boom-and-bust drivers.
• A five-to-ten-year trend of asset migration into Bitcoin ETFs began in 2024, establishing a new multi-year timeline for demand.
• Positive interest rate cycles and regulatory strides since January 2025 have reduced systemic risks and improved market stability.
• Wall Street firms accelerated crypto infrastructure build-outs after the GENIUS Act, securing plans for multibillion-dollar investments.
• Institutional due diligence concluding by year-end 2025 will position pensions, endowments and ETFs to drive record inflows in 2026.