Bitcoin Bull Market: Why Does the Four-Year Cycle Happen, and Is It Over? 2013: The first cycle, driven by the early tech community, collapsed due to the Mt.Gox exchange hack. 2017: Fueled by Ethereum smart contracts and the ICO frenzy, Bitcoin prices skyrocketed, then plummeted due to regulatory crackdowns and project sell-offs. 2021: Boosted by a surge in liquidity post-global pandemic, institutions started entering the market. The cycle ended with industry scandals like Luna and FTX, along with tightening monetary policies. 2025 (current): Characterized by institutional dominance driven by the approval of spot Bitcoin ETFs, prices hit new highs before the halving, with relatively low retail participation. https://www.(panewslab.com)/zh/articles/a737459e-7eb7-4530-bcf0-c2d8cac481e3