Grayscale argues Bitcoin’s market structure has evolved beyond the old four-year rhythm. Institutional flows and macro dynamics have reshaped BTC’s price behavior.
The halving-driven Bitcoin pricing pattern that shaped Bitcoin’s early history is losing power. As more BTC enters circulation, each halving has a smaller relative impact.
According to Grayscale, today’s Bitcoin market is shaped more by institutional capital than the retail speculation that defined earlier cycles.
Unlike the explosive rallies of 2013 and 2017, Bitcoin’s recent price rise has been more controlled. Grayscale notes that the subsequent 30% drop resembles a typical bull-market correction.
