Published: November 14, 2025

Market Overview

Bitcoin recently pulled back to approximately $94,500, sparking renewed discussion about the current state of the cryptocurrency market. Despite these price movements, prominent industry figures are offering an unexpected perspective on market conditions.

A Shift in Market Paradigms

Hunter Horsley, CEO of Bitwise, recently shared compelling insights about the current cryptocurrency landscape. According to Horsley, the traditional four-year cycle model may no longer accurately reflect today’s market dynamics.

“The traditional cycle framework comes from an earlier era of cryptocurrency,” Horsley explained in recent social media commentary. He argues that two significant developments have fundamentally altered the market structure:

• The introduction of Bitcoin ETFs
• Increased institutional involvement following supportive regulatory developments

The Bear Market Hypothesis

Contrary to what declining prices might suggest, Horsley proposes an intriguing theory: the cryptocurrency market may have already been experiencing a bear phase for approximately six months and could be approaching its conclusion.

This perspective suggests that what many perceive as the beginning of a downturn might actually represent the tail end of a correction phase, potentially setting the stage for renewed growth.

Broader Market Impact

The cryptocurrency market’s recent movements have extended beyond digital assets themselves:

Crypto-Related Equity Performance:

• Strategy (formerly MicroStrategy): Down 6%
• Coinbase shares: Declined 1%
• Various mining operations: Decreased 2-3%
• Digital asset-focused companies: General downward pressure

Institutional Perspective

Yat Siu, co-founder of Animoca Brands, offered additional context in discussions with financial media outlets. He attributes recent selling pressure to liquidity constraints rather than fundamental weakness in the crypto ecosystem.

The Institutional Difference

Siu highlights a crucial distinction between traditional retail crypto holders and institutional investors. While long-time Bitcoin enthusiasts often reference historical four-year cycles and expect significant corrections, institutional investors approach the market differently.

These larger players typically view price pullbacks as accumulation opportunities rather than warning signals, potentially creating a more stable foundation for future price action.

Current Market Status

As of the latest data, Bitcoin has recovered to trade above $96,750, though the cryptocurrency remains down approximately 4% over both the 24-hour and seven-day periods.

Looking Forward

The convergence of institutional capital, evolved market infrastructure, and changing investor behavior patterns suggests the cryptocurrency market may be entering uncharted territory. Whether traditional cycle patterns will hold or new paradigms will emerge remains one of the most closely watched questions in digital assets.

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This analysis is for informational purposes only and should not be considered investment advice. Cryptocurrency markets are highly volatile and carry significant risk.