A founder of a certain exchange recently posed a question: Is it time to move on from the old four-year halving script of Bitcoin?

This statement sounds bold, but upon reflection, it’s not without reason. In the past, everyone focused on the halving schedule to speculate on cryptocurrencies because supply tightening was the most certain logic. But now the situation has changed—the institutional players are rushing in with real money, and regulatory frameworks are gradually becoming clearer. These new variables may be reshaping the underlying rhythm of the market.

If the traditional cycle truly becomes invalid, then perhaps we will no longer see the "four-year bull-bear switch," but instead enter a kind of more persistent super cycle. Of course, this is just a possibility; the market has never revealed its answers in advance.