According to Wintermute, the era of Bitcoin’s classic four-year cycles is officially over. Halvings and miner pressure no longer drive the market — liquidity does.
Analysts note that while market structure remains stable — with low volatility and declining leverage — the sources of liquidity have weakened.
Of the three key growth engines — ETFs, stablecoins, and DATs (digitally assetized tokens) — only stablecoins are currently functioning effectively.
To reignite the next bull run, fresh ETF inflows and crypto treasury purchases will be needed, Wintermute concluded. Crypto News Shark