[Grayscale: Bitcoin Market Structure No Longer Follows Four-Year Cycles, Institutional Funds Are Reshaping Price Trends] Grayscale stated that the Bitcoin pricing model driven by halving is losing its influence, and the relative impact of each halving is diminishing. The current Bitcoin market is more dominated by institutional capital rather than retail speculation. The recent rally is more controlled, and the subsequent 30% pullback resembles a typical bull market correction. Interest rate expectations, bipartisan progress on U.S. crypto regulation, and the trend of Bitcoin being integrated into institutional investment portfolios are increasingly shaping market trends.