BlockBeats news, on December 9, reported by Cointelegraph, Grayscale stated that the Bitcoin pricing model driven by halving, which shaped Bitcoin's early history, is losing its influence. As more Bitcoin enters circulation, the relative impact of each halving is diminishing, and the Bitcoin market structure no longer follows the 'four-year cycle'.
Grayscale points out that the current Bitcoin market is more dominated by institutional capital, rather than the retail speculation that dominated previous cycles. Unlike the explosive rises of 2013 and 2017, the recent surge in Bitcoin has been more controlled. Grayscale believes that the subsequent 30% pullback resembles a typical bull market correction.
Interest rate expectations, progress in cryptocurrency regulation driven by both parties in the United States, and the trend of Bitcoin integrating into institutional portfolios are increasingly shaping market trends.
