Market Cycle Analysis - The BTC rainbow chart indicates the market is in the mid to late stage of a bull market expansion [1] - Binance Research suggests Bitcoin has experienced bull and bear cycles of approximately four years since 2014 [2] - If the end of 2021 marks the beginning of the last cycle, the end of 2025 would mark the end of this bull market cycle [2] Institutional Impact - Binance questions whether the four-year cycle will mechanically repeat due to the rising proportion of institutional involvement [3] - Institutional involvement is expected to decrease the behavior of chasing rallies and selling off in panic [3] - Institutions are more likely to engage in countercyclical operations, accumulating during downturns and gradually reducing positions during uptrends [4] - Countercyclical operations could smooth out the wild volatility inherent in the crypto market [4] October Performance - Historically, October has seen positive returns in nine of the past 11 years, with an average gain of 20% [5] - October's performance will be a key component in determining whether the four-year cycle continues [5]