Bitwise CIO Matt Hougan has declared the end of Bitcoin's traditional four-year cycle, citing diminishing impacts from halvings, interest rate changes, and volatility. Hougan emphasizes that the future of cryptocurrency will be shaped by institutional adoption and regulatory advancements. He advises investors to brace for a decade-long transformation, where long-term growth drivers such as tokenization and capital inflows will contend with short-term market disruptions.