Bitwise CEO Calls Old Cycle Dead as Stablecoin Supply Tops $300B
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Bitwise CEO Hunter Horsley (Consensus 2026, Miami) said the four-year crypto market cycle is over as institutional participation and Wall Street reshape market structure. Stablecoin supply topped $300 billion (DeFiLlama, May 7), increasing on/off‑ramp liquidity for crypto, DeFi and exchanges. Horsley pointed to bitcoin-backed income products and broader institutional adoption as drivers of a more institutionalized, adoption-led phase in crypto.
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- Bitwise CEO Hunter Horsley said the four-year crypto cycle is dead after last year’s 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 sai…
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