Bitwise CEO Call Old Cycle Dead as Stablecoin Supply Top $300B
Tech Bitwise CEO Call Old Cycle Dead as Stablecoin Supply Top $300BBitwise CEO Hunter Horsley said the four-year crypto cycle is dead after last years down market.Horsley said the new crypto phase will be shaped by mainstream institutions and wider adoption.Stablecoin supply has climbed above $300 billion, according to the DeFiLlama chart. Bitwise CEO Hunter Horsley said the four-year crypto market cycle is over as institutional participation reshapes the digital asset sector. Speaking at Consensus 2026 in Miami, he said the old pattern of three rising years followed by one down year no longer fits the current market. His comments came as stablecoin supply moved above $300 billion, according to DeFiLlama data updated on May 7. Meanwhile, Horsley pointed to Wall Street participation, bitcoin-backed income products, and broader adoption as signs of a different market structure. Horsley Says Old Cycle Has Ended Horsley said, “The four-year cycle is dead,” while discussing the market‘s shift at Consensus 2026. He argued that last year’s downturn broke the former three-up-one-down pattern that many crypto investors used to track major cycles. The Bitwise executive described the current phase with a Winston Churchill line, saying, “This is not the end, its not the beginning of the end, but it is the