Bitwise CEO Hunter Horsley announced that the traditional four-year cycle model for cryptocurrency markets is no longer applicable. He attributes this shift to the introduction of spot Bitcoin ETFs and the inauguration of a new government, which have altered market structures, introducing new participants, dynamics, and trading motivations. Horsley suggests that the crypto market has been in a bear phase for approximately six months and may be nearing the end of this cycle, with market fundamentals stronger than ever before.