Grayscale: The Bitcoin market structure no longer follows the "four-year cycle"; institutional inflows and the macro environment are reshaping BTC price trends
ChainCatcher reported, according to market sources, Grayscale stated that the bitcoin pricing model driven by halving—a pattern that shaped bitcoin’s early history—is losing its influence. As more bitcoin enters circulation, the relative impact of each halving is diminishing. Grayscale pointed out that the current bitcoin market is more dominated by institutional capital, rather than the retail speculation that prevailed in previous cycles.
Unlike the explosive surges seen in 2013 and 2017, the recent bitcoin rally has been more controlled. Grayscale believes that the subsequent 30% pullback also resembles a typical bull market correction. Interest rate expectations, bipartisan progress on crypto regulation in the United States, and the trend of bitcoin being integrated into institutional investment portfolios are increasingly shaping market movements.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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