Key Highlights:
- Bitwise CEO Hunter Horsley says that the current downturn does not follow the four-year Bitcoin (BTC) cycle.
- According to Horsley, institutional investors and ETF products have reshaped the market behaviour.
- Experts believe this is a temporary dip and not a structural collapse.
The crypto market is currently facing a pullback, the prices of the tokens are slipping and the sentiment is turning cautious. The market capitalization of the crypto market is down by almost 5% today, November 14, 2025 as per CoinMarketCap and the price of Bitcoin is hovering around $97,000 mark. At press time, the price of BTC stands at $97,067 with a dip of 5.71% in the last 24-hours.
In the meanwhile, Bitwise CEO Hunter Horsley posted on his social media platform X and stated that the current downturn of the crypto market is not following the usual pattern that it follows and the old four-year Bitcoin cycle may not be able to explain as to what is exactly happening. In his post, he explains that the market has changed in a big way after the launch of Bitcoin spot ETFs last year and major political shifts in the U.S. which have reshaped how investors react during corrections like this.
We talk about 4 year cycles —
But the reality is that model is based on a bygone era of crypto.
Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure: new players, new dynamics, new reasons people buy and sell.
I think there’s a…
— Hunter Horsley (@HHorsley) November 14, 2025
For years, Bitcoin and the wider crypto sector moved in four-year rhythm that was mainly driven by the halving events, which would bring dramatic rallies followed by deep crashes. However, according to the Bitwise CEO, Hunter Horsley, these familiar patterns now may be fading away as large institutional investors now dominate the overall influence. Unlike earlier retail driven cycles, institutions rely on long-term allocation plans instead of emotional buying or selling.
As there is this shift, market behaviour is also now shaping more through steady portfolio strategy rather than by hype or panic. According to Bitwise CEO, the weakness that has been seen in the past six months may just be a mild adjustment. More importantly, this phase might be ending soon and stronger investment conditions could emerge again. The CEO remains confident that today’s crypto structure is way more stable than what it was in its earlier cycles.
Market Structure Entering a New Phase
The idea that market structure might be entering a new phase comes from the fact that the confidence within the industry is on a rise and there is a continuous effort to rule out clearer crypto regulations. The launch and rapid growth of Bitcoin spot ETFs have been key to this shift. These product let the traditional users invest in crypto but in a regulated format. This trend is expected to accelerate as many of the crypto firms have filed for ETFs (90+ crypto ETF applications are pending with the SEC, including spot ETFs for XRP, Solana, Cardano, Litecoin and Dogecoin) and regulations around these products continue to improve.
Analysts believe that steady institutional inflows are replacing old market patterns where large whales usually sold to retail traders. Now, major holders are dealing with long-term, strategy-driven institutions. As a result, Bitcoin price may be less influenced by panic or hype and could gradually become more stable and predictable as institutional participation grows.
Experts on the Bitcoin Pullback
Industry leaders have raised their voices and offered clarity on the current market dip. Apart from Bitwise CEO, Hunter Horsley, CZ, former CEO of Binance, tweeted today, November 14, 2025 and stated that every correction feels disastrous but it usually turns out to be a normal fluctuation. Mindao, founder of dForce, adds that the pain now comes from the industry maturing, not collapsing.
Analysts like Eugene and Ki highlight that key levels such as the lost $100,000 support and the $94,000 cost basis that would confirm deeper weakness. Haseeb from Dragonfly calls this situation as the ‘easiest bear market,’ and McKenna stays bullish on long-term institutional growth. From these notions, it can be deduced that all of these industry leaders and analysts agree that the dip is temporary and it is not a structural breakdown as it seems to be.
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