Grayscale: The Bitcoin market structure no longer follows the "four-year cycle"; the current Bitcoin market is more dominated by institutional capital rather than the retail speculation that dominated past cycles.

On December 9, according to 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 pointed out that the current Bitcoin market is more dominated by institutional capital rather than the retail speculation that dominated past cycles. Unlike the explosive rises in 2013 and 2017, the recent surge in Bitcoin has been more controlled. Grayscale believes that the subsequent 30% correction resembles a typical bull market correction.

Interest rate expectations, the bipartisan push for cryptocurrency regulation in the U.S., and the trend of Bitcoin being incorporated into institutional portfolios are increasingly shaping market trends. 关注我，能暴富哦！