Since the ETF approval, the market has quietly changed the rules of the game. The old four-year cycle theory is no longer popular; what truly influences the market now are the Federal Reserve's actions, macroeconomic data, and even geopolitical risks—not the consensus of the older generation of crypto investors.

This is the reality: nothing is eternal, the only certainty is continuous change. As traditional funds flood in, Bitcoin is gradually becoming a standard financial product, and the crypto space will inevitably follow the path of U.S. stocks. The pricing power is in the hands of Wall Street, and the rules revert to the familiar system they know.

It also makes sense—traditional finance has accumulated a century of market consensus and pricing models, far beyond what a few cycles in the crypto world can compare to. The old market magic has faded, and a new game is just beginning.