Matthew Hougan, CIO of Bitwise Asset Management, offered a similar perspective. Hougan stated that it is still too early to declare the cycle over without positive returns by 2026. However, he believes the cycle will eventually end in the long term. Historically, BTC price peaks occurred in 2013, 2017, and 2021 after halving events. Analysts expect a similar scenario in 2025. 

Pierre Rochard, CEO of Bitcoin Bond Company, suggested the four-year cycles might have ended. Rochard pointed out that 95% of Bitcoin’s supply has already been mined. He also noted that the impact of halvings on trading volume has diminished. Demand now mainly comes from retail investors, wealth management platforms adding ETPs, and corporate treasuries. 

Macroeconomics and Institutional Capital Impact 

Martin Burgherr, Head of Client Coverage at Sygnum Bank, said the halving cycle remains an important reference. However, macroeconomic conditions, institutional capital flows, regulatory developments, and ETF adoption have become equally influential on the market. Burgherr emphasized that the four-year framework is no longer the sole determinant. 

In contrast, crypto analyst CRYPTOBIRB rejected claims that the four-year cycle has ended. He stated that ETFs increase market correlation, thus reinforcing this cycle. He also reminded that halving cycles are mathematically programmed and unchangeable. 

Seamus Rocca, CEO of Xapo Bank, similarly affirmed that the cycles still hold validity. Rocca said that despite institutional presence, Bitcoin’s cyclical nature continues. The debate is expected to become clearer with the anticipated price movements in 2025. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Has the Four-Year Bitcoin Cycle Really Ended? Analysis appeared first on Coin Engineer.

According to Binance, the number of wallets holding $100 or more in Bitcoin increased from 24 million in January 2024 to nearly 30 million in 2025, representing a 25% annual growth rate.

Binance’s blog stated:

“This trend indicates that new participants are entering the market and that interest in cryptocurrencies is on the rise once again.”

An increase in such wallet numbers is typically observed during bull runs, such as in 2017 and 2021. A similar surge was seen in mid-2024 when Bitcoin surpassed the $100,000 level.

The approval of spot Bitcoin ETFs managed by BlackRock’s iShares Bitcoin Trust (IBIT) accelerated institutional adoption. By the end of 2024, ETFs held a total of 1.25 million BTC, with IBIT amassing assets worth over $50 billion.

Hashrate Reaches All-Time High

The security of the Bitcoin network has reached a historic peak, with the hashrate surpassing 800 EH/s, a 33% increase from last year’s 600 EH/s level.

Binance’s blog highlighted:

“Bitcoin’s hashrate has outpaced the combined computing power of tech giants like Amazon AWS, Google Cloud, and Microsoft Azure. These platforms collectively account for less than 1% of the Bitcoin network’s capacity.”

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

Hashrate measures the computational power used to process and secure Bitcoin transactions. A higher hashrate makes the network more secure and resistant to attacks. It also reflects strong mining activity and high confidence in Bitcoin’s future.

86% of Bitcoin Holders Are in Profit!

Market sentiment remains strong, with 86% of circulating Bitcoin currently in profit, according to CryptoQuant. Accumulation addresses continue to buy Bitcoin at a record monthly pace of 495,000 BTC.

CryptoQuant CEO Ki Young Ju emphasized differences in Bitcoin investor behavior. On X (formerly Twitter), he shared:
“Retail investors holding less than 1 BTC are selling, while those holding 1 BTC or more are buying.”

Ju believes the Bitcoin bull market is in its final stages. He describes the current cycle as being in the “early distribution phase,” where new retail participants are entering the market while institutional interest remains strong.

Preparing for a New Cycle

Ju observed a different pattern in this cycle:

• OG retail investors and whales are transferring Bitcoin to new retail participants and institutional investors.
• Institutional players are holding “paper Bitcoin” through ETFs and company shares.
• The final distribution phase is expected to be largely retail-dominated, occurring around mid-2025 or later in the year.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post New Record in Bitcoin Wallets! appeared first on Coin Engineer.