Overview

• Bitwise CIO Matt Hougan argues that Bitcoin’s traditional four-year halving cycle has lost significance as market drivers evolve.
• ETF asset migrations, which began in 2024, are expected to deliver record institutional capital flows through 2026.
• Regulatory measures launched in January 2025 and the GENIUS Act’s passage have reduced systemic risks and unlocked bank and asset manager crypto services.
• Wall Street firms are investing in crypto infrastructure and compliance frameworks that support large-scale institutional participation.
• Hougan warns that rapid growth of Treasury firms offering short-term lending and yield products remains a potential trigger for market volatility.