Negentropic, co-founder of Glassnode, wrote that the "four-year cycle" has expired. Bitcoin is evolving, becoming more stable, less volatile and more deeply integrated into global macro portfolios as the asset grows. This is not a flaw, but a feature.
The larger and more robust the asset, the less susceptible it is to structural supply factors such as halving, miner selling, issuance shocks, and more susceptible to liquidity, credit cycles, and macro trends.
Most people in the crypto market are still thinking in outdated models. Once a narrative becomes a consensus, it no longer works. Market makers use this consensus as a weapon, which is the easiest way to weed out the unwitting.
The "four-year cycle" is the most widely adopted paradigm in crypto history, and because of this, it has become the perfect tool for dealing with retail investors, and the cycle still exists.
Glassnode: The "four-year cycle" has expired, and Bitcoin is evolving into a mature asset driven by macro liquidity
2025-11-07 05:34:14
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