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Is the 4-year Bitcoin cycle broken? I think the old cycle model is losing its edge. $BTC made a new ATH before the halving. Spot ETFs changed the capital structure. Institutions don’t trade a 4-year clock, they trade liquidity, rates and macro. The halving still matters, but it doesn’t have the same impact on a trillion-dollar asset it once did. I’m not saying the cycle is dead. I’m saying Bitcoin is becoming a macro asset, and this cycle may not follow the old script.$BTC