#加密货币ETF市场动态 Recently I've seen a lot of people discussing whether the four-year crypto cycle is becoming invalid, and I think it's a very interesting question. Although the Bitcoin halving cycle still exists, the market structure has indeed changed significantly. Now we have ETFs entering the market, higher institutional participation, and liquidity cycles and debt refinancing cycles also impacting the market. I believe we may no longer see deep corrections of over 80% in the future, but 40-50% adjustments are still very possible. The key is to pay attention to liquidity and fundamentals, and not be misled by short-term fluctuations. For ordinary investors, the best strategy may still be to hold Bitcoin and a few high-quality projects for the long term, gradually buying at lows and taking some profits at highs. After all, trying to precisely time the top and bottom is too difficult—it's better to focus on accumulating quality assets and let time prove everything.