The conventional 4-year crypto market cycle narrative deserves closer scrutiny in today's landscape. Yes, the data points to cyclical patterns—but here's the thing: crypto's been around for 16-17 years, and for most of that journey, it operated as a niche asset class. That context matters.

What's shifted fundamentally? Institutional adoption has accelerated dramatically, and policy frameworks are evolving in ways that reshape market dynamics. Major institutions now hold significant crypto positions. Regulatory clarity is improving across jurisdictions. These aren't marginal changes—they're structural.

When you factor in institutional money flows and changing policy environments, can the old 4-year playbook still hold? The jury's out. The market structure today bears little resemblance to the fragmented, retail-dominated cycles of the past. Whether historical patterns apply to this new regime is exactly the question worth asking.