Core Viewpoint - The traditional four-year cycle of Bitcoin, characterized by halving events leading to price rallies followed by bear markets, is losing its relevance as institutional investment increases and macroeconomic factors change [1][2][3]. Institutional Investment - The entry of institutional capital, particularly following the approval of spot Bitcoin ETFs in 2024, is expected to accelerate in 2026, fundamentally altering the market dynamics [4]. - Bitcoin treasuries currently hold over 1 million Bitcoin, valued at more than $96 billion, indicating significant institutional accumulation despite market fluctuations [4]. - Major Bitcoin exchange-traded funds (ETFs), led by BlackRock with $13.5 trillion in assets, collectively hold nearly $150 billion in Bitcoin, further demonstrating institutional interest [5]. Macro Demand - There is a growing macro demand for Bitcoin as an alternative store of value amidst adverse economic conditions, with scarce commodities like Bitcoin and Ether being viewed as potential hedges against fiat currency risks [6].