Wu reported that Bitwise CIO Matt Hougan stated that "the four-year cycle of encryption is dead," as the traditional forces driving the cycle are weakening, such as the diminishing Halving effect, the interest rate environment turning positive, and risks gradually being institutionalized. He believes that the ETF influx, institutional participation, regulatory advancements, and Wall Street getting on board are longer-term forces that are currently dominating the market rhythm. Although there will still be fluctuations, he is optimistic about the overall performance in 2026 and in the coming years. This is more likely to be a "sustained and steady rise," rather than a one-time Supercycle.