Bitwise, an ETF issuer with an asset management scale of $15 billion, recently put forward a viewpoint: the four-year cycle theory of the crypto market may have come to an end.

What is their logic? According to this judgment, what will be the future performance of Bitcoin? Based on Bitwise's forecast, from this year onward, through next year, and even over the next decade, Bitcoin will maintain an upward trend and will not repeat the large-scale corrections of the past.

Is this another round of the "Bitcoin will always go up" narrative? Or do large asset management institutions really see a change in market structure? Many people are skeptical about this, after all, such optimistic predictions have been heard too many times in the crypto space. However, from the perspective of continuous institutional investment and the approval of spot ETFs, the quality of market participants is indeed changing. It is worth paying attention to how this viewpoint will evolve in the future.