The crypto market has been speculating about whether Bitcoin has reached its cycle bottom, but analyst Joao Wedson says the data does not support this theory. According to him, only nine exchanges have announced or completed shutdowns in 2026, making it the lowest annual total recorded in at least eight years, well below previous market cycles. Major platforms including BitMEX, AscendEX, and BitMart are planning to wind down operations, while Storj Labs voluntarily sought Chapter 11 bankruptcy protection in the United States. Unlike the FTX collapse in 2022, which drove Bitcoin to roughly $16,000, Bitcoin currently trades near $63,500 despite these announcements. Grayscale believes Bitcoin has matured beyond the traditional four-year cycle and is now more influenced by macroeconomic factors.
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