Hashed CEO Kim Seo-joon believes the traditional four-year cryptocurrency cycle, driven by Bitcoin halvings, is over. He argues that halving events no longer significantly impact the market. Instead, organic demand, fueled by individual and institutional investment, ETFs, tokenization, and deeper financial integration, now drives the crypto market. According to Seo-joon, the recent market downturn isn't a cycle reset but a shift of capital to safer assets like gold and tech stocks amidst economic uncertainty. He emphasizes that cryptocurrency fundamentals are strengthening, with improving infrastructure, liquidity, and increasing participation. Seo-joon predicts that tokenization of assets will continue to expand, making cryptocurrency an integral part of the financial system. He advises focusing on on-chain revenue and cash flow to identify the next phase of growth, highlighting that the next cycle is already building. ```