Grayscale Investments: The four-year cycle of Bitcoin is no longer applicable

Grayscale Investments pointed out that the market structure of Bitcoin has changed: the pattern of "halving driving price increases" is gradually losing its effectiveness, and the impact of each halving is diminishing over time.

Unlike the panic-driven entry of retail investors from 2013 to 2017, the current market is mainly driven by institutional funds.

Recent gains have been more stable and "controllable," with a price drop of about 30% after reaching a peak being just a normal correction in a bull market.

Current decisive factors in the market:

The bipartisan attitude of the United States towards cryptocurrencies

Bitcoin is gradually being incorporated into institutional portfolios.

Grayscale Investments believes that Bitcoin is entering a new phase, and its price behavior will be more influenced by institutional funds and macro policies, rather than following the "four-year cycle" pattern of the past four years.