Bitwise: BTC, ETH and SOL enter bullish phase of the cycle for the coming years

The crypto market may enter a new phase of development, which will be fundamentally different from the usual cycles with sharp ups and painful downs. According to analysts at investment company Bitwise, the coming years will be marked by continued growth, dominance of institutional investors, and gradual trends that go beyond the traditional four-year cycle.

According to Bitwise’s forecast, 2026 will not be a period of decline, as it was in previous cycles after the Bitcoin halving BTC $86,465.16 Mezo Wrapped BTC 0.39% Market capitalization $38.38 million VOL. 24 hours $1.77 billion , but rather a continuation of growth. The company expects Bitcoin, Ethereum ETH $2,859.53 Bridged Ether (StarkGate) -2.50% Market capitalization $68.51 million VOL. 24 hours $1.43 billion and Solana SOL $123.55 Binance-Peg SOL -3.12% Market capitalization $0.14 billion VOL. 24 hours $0.58 billion to reach new all-time highs due to increased demand from regulated financial institutions, the launch of exchange-traded funds (ETFs) and greater regulatory certainty.

Analysts note that the main driver of the market is no longer speculative trades by retail traders, but demand from large players such as banks, brokers and funds. The increase in the number of ETFs based on crypto assets creates constant demand pressure, as such funds often redeem more tokens than the networks generate. This, in turn, can lead to a more stable growth in asset value and a reduction in short-term price fluctuations.

Bitwise believes that Ethereum and Solana are no longer «altcoins for speculation» and are increasingly playing the role of basic financial infrastructure. As the volume of stablecoins and tokenized assets grows, these blockchains are expected to become key platforms for their settlement. If a clear legislative framework is adopted in the United States, the sector could see a significant amount of capital return, which has so far remained on the sidelines due to regulatory uncertainty.

Bitwise also draws attention to the decline in bitcoin’s volatility — in some periods, it already shows less fluctuation than the shares of leading technology companies. This indicates a gradual «mature» transformation of the crypto market, where speculation is being replaced by diversified institutional investment. In the long run, this may turn crypto assets into a full-fledged class of financial instruments with its own dynamics, separate from traditional markets.