Grayscale: The Bitcoin market structure no longer follows the "four-year cycle," as institutional capital inflows and the macro environment are reshaping BTC price trends

According to market news, 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. Grayscale pointed out that the current Bitcoin market is more dominated by institutional capital, rather than the retail speculation that prevailed in past cycles.

Unlike the explosive increases seen in 2013 and 2017, the recent surge in Bitcoin has been more controlled. Grayscale believes that the subsequent 30% pullback resembles a typical bull market correction. Interest rate expectations, bipartisan efforts in the U.S. to advance crypto regulation, and the trend of Bitcoin being integrated into institutional portfolios are increasingly shaping market trends.