Glassnode co-founder: The "four-year cycle" has become invalid, and Bitcoin is evolving into a mature asset driven by macro Liquidity.

[Glassnode Co-founder: “Four-Year Cycle” Has Failed, Bitcoin is Evolving into a Mature Asset Driven by Macro Liquidity] Glassnode co-founder Negentropic stated in a post that the “four-year cycle” has failed. Bitcoin is evolving; as this asset matures, it is becoming more stable, with lower fluctuation, and is more deeply integrated into the global macro portfolio, which is not a flaw but a characteristic. The larger and more stable the assets are, the less they are affected by structural supply factors (such as halving, miner selling pressure, issuance shocks), but rather more influenced by liquidity, credit cycles, and macro trends. Most people in the crypto market still think within outdated old models. Once a certain narrative becomes a consensus, it no longer works. Market makers will use this consensus as a weapon, which is the easiest way to clear out the uninformed. The “four-year cycle” is the most widely adopted mental paradigm in the history of cryptocurrency, and for this reason, it has become the perfect tool to deal with retail investors; the cycle still exists.