PANews reported on December 9th, citing Cointelegraph, that Grayscale stated the Bitcoin market structure no longer follows a "four-year cycle," and the "halving-driven" pricing model that shaped Bitcoin's early history is gradually becoming ineffective. As more Bitcoin enters the market, the relative impact of each halving becomes increasingly limited. Today, the Bitcoin market is driven more by institutional capital than by retail speculation as was the case in earlier cycles. Unlike the price surges of 2013 and 2017, recent price increases have been more stable and manageable. Grayscale points out that the subsequent 30% drop was more like a typical bull market correction. Interest rate expectations, the momentum of both parties in the US on cryptocurrency regulation, and Bitcoin's inclusion in institutional portfolios are increasingly becoming key factors influencing market behavior.