Institutional giants are recently pushing a viewpoint: Bitcoin has broken out of the traditional four-year cycle curse. Grayscale's analysis suggests that the market structure itself has undergone a fundamental change. The previous logic of price driven by halving cycles has now been broken — the rhythm of institutional capital inflows and outflows has changed, and the influence of the macroeconomic environment is also reshaping. In other words, BTC's price behavior is no longer solely determined by blockchain cycles but is deeply linked to traditional finance, macro policies, and large capital flows. This means that to predict Bitcoin's trend, simply focusing on the four-year cycle chart is no longer enough.