Bitwise CEO Hunter Horsley announced the end of the traditional four-year crypto cycle, attributing the shift to increased institutional involvement and broader adoption. Speaking at Consensus 2026 in Miami, Horsley noted that the previous pattern of three rising years followed by a down year no longer applies, as evidenced by last year's market downturn. He highlighted the growing influence of Wall Street and the rise of bitcoin-backed income products as indicators of a new market phase. Horsley also pointed to the significant growth in stablecoin supply, which has surpassed $300 billion according to DeFiLlama data. USDT and USDC remain the largest stablecoins, reflecting a broader market base. Horsley emphasized that stablecoins now attract attention comparable to altcoins, with their supply increasing from $230 billion in May 2025 to over $300 billion by May 2026. He credited BlackRock's entry into the crypto space with reducing institutional hesitation and facilitating broader market discussions. Additionally, Horsley discussed the potential of bitcoin income products, such as Strategy's Stretch preferred instrument, which offers yields above 10% using bitcoin collateral. He suggested that this structure could integrate bitcoin into fixed-income markets, expanding its role beyond spot exposure. Horsley also hinted at a resurgence in bitcoin's use for payments, driven by wider ownership and acceptance.