Bitwise CEO @Matt_Hougan believes: The four-year cycle has basically become ineffective. Over the past six months, traditional giants like Bank of America, Morgan Stanley, UBS, Wells Fargo, and others have gradually opened up to cryptocurrency asset allocation, with a total scale of over 15 trillion USD. This is a force on a ten-year level, enough to overpower the so-called four-year cycle. Not expecting 2026 to be a down year, but institutional decision-making is very slow.