Coin Circle OG Miles says Bitcoin's four-year cycle is dead, I completely agree As an asset that has been mainstream financialized by ETFs, Bitcoin, as a risk asset, has both commodity and risk asset attributes in its demand Most of the time, it is on the same frequency as the US stock market, with very few times having commodity attributes Most of the demand is controlled by mainstream financial markets such as Wall Street So, it is highly likely that Bitcoin and even the cryptocurrency industry will not have another four-year cycle But compared to the US stock market, Bitcoin, Ethereum, Sol, and other altcoins are still likely to emerge from alpha, and they are highly alpha As a financial innovation asset class and a financial market that carries innovation, the cryptocurrency industry continuously feeds on traditional assets such as the US stock market through RWA and other means. On the other hand, it attracts developers, users, and new projects with low financing thresholds The four-year cycle is dead, The super cycle may have just begun