**[Glassnode Co-Founder: Bitcoin's "Four-Year Cycle" Has Failed, Transforming into a Macro Liquidity-Driven Asset]**
Glassnode co-founder Negentropic stated that Bitcoin's "four-year cycle" model is no longer applicable. As Bitcoin gradually evolves into a more mature asset, its volatility has significantly decreased, and it has become more deeply integrated into global macro investment portfolios. This change is not a flaw but a natural result of the asset's growth in scale and stability.
Negentropic pointed out that Bitcoin's market performance is gradually moving away from being influenced by structural supply factors (such as halving events and miner selling pressure) and is instead being driven by liquidity, credit cycles, and macroeconomic trends. He also emphasized that outdated mental models could become a weakness for retail investors, as market behavior often leverages public consensus as a tool. While the "four-year cycle" still exists, it has become a strategic tool in the crypto market targeting retail investors.