Grayscale: Bitcoin Market Structure No Longer Following "Four-Year Cycle," Institutional Inflows and Macroeconomic Environment Reshaping BTC Price Trends

BlockBeats News, December 9th, according to Cointelegraph's report, Grayscale stated that the Bitcoin pricing model driven by halving, which shaped the early history of Bitcoin, 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 rallies in 2013 and 2017, the recent Bitcoin bull run has been more controlled. Grayscale believes that the subsequent 30% pullback appeared more like 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 portfolios are increasingly shaping market trends.