#美联储降息 Recently, the cryptocurrency market has been quite volatile—latest research reports from leading asset management institutions suggest that the four-year cycle that Bitcoin has followed for years might be changing. The core logic is simple: more and more institutional investors are starting to bet on a new narrative framework—"Super Cycle."

This concept is not unfamiliar. Looking back at the commodity super cycle of the 2000s, the entire cycle lasted nearly a decade. During that period, both crude oil and precious metals experienced rare long-term bull markets.

Interestingly, Bitcoin's current trajectory coincides with the story of gold back then. Remember the year when gold ETFs were approved? Institutions used this tool to open a new door to the gold market, which then experienced a prolonged ten-year bull run. Currently, the situation with $BTC is: the pace of institutional entry is accelerating, spot ETF products are being launched in multiple markets worldwide, and the entire process seems to be replicating that history.

If these three forces—additional institutional capital, the liquidity brought by ETFs, and the global liquidity easing expectations—move simultaneously, the potential scope is truly enormous. Each factor alone is critical, but when combined, their power is something else.

From a data perspective, the proportion of institutional holdings has indeed been increasing over the past two years—this is not speculation but a factual development. The core driver behind the ten-year-long gold bull market is essentially the continuous inflow of institutional funds and rising hedging demands.

So the question is: how likely is this super cycle? Is it a market consensus driven by institutions, or is it truly the start of a new decade-long rally? Share your thoughts in the comments.