CZ said that the bull and bear cycles of $BTC 4 years are gone, and I think CZ's statement makes a lot of sense. The traditional four-year cycle is essentially based on the supply shock of Bitcoin halving, but now the driving forces of the entire crypto market have completely changed.

ETF, institutional funds, macro liquidity, and geopolitical factors: the impact of these factors far outweighs the changes in supply on a technical level. The market is now more like a year-round risk asset trading arena, rather than some mysterious four-year cycle.

The real reality is that when Wall Street and central banks become the rule-makers, retail investors are still counting the days waiting for the halving, which is itself quite ridiculous. The current cycle may be 18 months, or it could be 6 years, entirely depending on the external macro environment.

CZ, as one of the core participants in the industry, his judgment basically represents the consensus from the institutional perspective.