Grayscale: The bitcoin market structure no longer follows the "four-year cycle"; current trends are increasingly driven by institutional capital
ChainCatcher news, according to Cointelegraph, Grayscale stated that the bitcoin market structure no longer follows the "four-year cycle," and the "halving-driven" pricing model that shaped bitcoin's early history is gradually becoming obsolete.
As more bitcoin flows into market circulation, the relative impact of each halving is becoming increasingly limited. Today, the movement of the bitcoin market is more driven by institutional capital, rather than the retail speculation that dominated earlier cycles. Unlike the sharp price surges seen in 2013 and 2017, the recent rise in bitcoin prices has been more stable and controlled. Grayscale pointed out that the subsequent 30% decline is more like a typical bull market correction. Interest rate expectations, the momentum of bipartisan progress on crypto regulation in the United States, and the inclusion of bitcoin in institutional investment portfolios are increasingly becoming key factors influencing market behavior.
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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