Main highlights:
- Bitwise CEO Hunter Horsley said the current economic downturn does not follow Bitcoin (BTC)’s four-year cycle.
- Horsley said institutional investors and ETF products have reshaped market behavior.
- Experts believe this is a temporary decline and not a structural collapse.
The crypto market is currently facing a pullback, with token prices falling and sentiment becoming cautious. According to CoinMarketCap, today, November 14, 2025, the market capitalization of the cryptocurrency market has fallen by almost 5%, with the price of Bitcoin hovering around $97,000. At the time of writing, BTC price was $97,067, down 5.71% in the past 24 hours.
BTC 24 hour chart
Meanwhile, Bitwise CEO Hunter Horsley posted on his social media platform In his post, he explains that the market has changed significantly with the launch of the Bitcoin Spot ETF last year and major political changes in the US that have changed the way investors react during corrections like this one.
Talk about a 4-year cycle —
But in reality, that model is based on the past era of cryptocurrencies.
Since the inauguration of the Bitcoin ETF and the new administration, we have entered a new market structure: new players, new dynamics, and new reasons for people to buy and sell.
I think there is…
— Hunter Horsley (@HHorsley) November 14, 2025
For years, Bitcoin and the broader crypto sector have gone through four-year cycles driven primarily by halving events, resulting in dramatic rises followed by big crashes. But Bitwise CEO Hunter Horsley says this familiar pattern may be disappearing as large institutional investors control overall influence. Unlike previous retail-driven cycles, financial institutions rely on long-term allocation plans rather than emotional buying and selling.
With this change, market behavior is now shaped through solid portfolio strategies rather than hype and panic. The weakness seen over the past six months may just be a mild correction, according to Bitwise’s CEO. More importantly, this phase may end soon and a stronger investment environment may emerge again. The CEO remains confident that today’s cryptocurrency structure is much more stable than in previous cycles.
Market structure entering a new phase
The idea that we may be entering a new phase in market structure comes from the fact that confidence within the industry is increasing and there are continued efforts to eliminate clearer crypto regulation. The launch and rapid growth of the Bitcoin Spot ETF is key to this change. These products allow traditional users to invest in cryptocurrencies in a regulated manner. Many crypto companies are filing ETFs (more than 90 crypto ETF applications pending with the SEC, including spot ETFs for XRP, Solana, Cardano, Litecoin, and Dogecoin), and this trend is expected to accelerate as regulations surrounding these products continue to improve.
Analysts believe a steady influx of money from institutional investors is replacing the old market pattern in which large whales were typically sold to retailers. The major holders are currently doing business with long-term, strategically driven financial institutions. As a result, Bitcoin prices may become less susceptible to panic and hype, and gradually become more stable and predictable as institutional investor participation increases.
Bitcoin rebound expert
Industry leaders are speaking out and providing clarity on the current market downturn. CZ Hunter Horsley, the former CEO of Binance, apart from the CEO of Bitwise, tweeted today, November 14, 2025, that while any correction feels dire, it usually turns out to be a normal fluctuation. dForce founder Ming Dao added that the current pain is not due to the industry collapsing, but because it is maturing.
Analysts like Eugene and Ki highlight key levels such as the lost $100,000 support and $94,000 cost basis as evidence of deeper weakness. Dragonfly’s Haseeb calls this the “easiest bear market,” and McKenna remains bullish about long-term organizational growth. From these concepts, we can infer that industry leaders and analysts all agree that the decline is temporary and not a structural collapse as it appears.
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