Many are still clinging to outdated practices, failing to recognize the structural shifts in the Bitcoin market. 1️⃣ Is the four-year Bitcoin cycle still intact? Gold, silver, and even the A-share market have surged, but Bitcoin hasn't risen this year. In fact, the four-year cycle has been clearly broken. This bull market not only started early, but its price fluctuations haven't replicated previous cycles. According to past patterns, 2025 should have been a major bull year, but this year's performance has been relatively poor. 2️⃣ Why has the four-year cycle been broken? A key reason is that Bitcoin's price has shifted from being determined by supply to being determined by demand. Previously, Bitcoin's supply halved every four years; with demand remaining constant, the price naturally rose. Now, most Bitcoins have been mined, making the annual supply changes less impactful on price. Furthermore, the pricing power of Bitcoin has shifted to Wall Street, with traditional financial institutions continuously entering the market and traditional funds flowing in. Changes in market demand have a greater impact than changes in supply. 3️⃣ Where is Bitcoin's next stage? Bitcoin's current narrative is "digital gold," but for Bitcoin to truly replace gold, it needs attributes at least 10 times superior to gold. Bitcoin already possesses the scarcity of gold, but its greatest untapped potential lies in its digitality. Or, programmability. Simply hoarding it is no different from gold. What gold cannot do is become an interest-bearing asset, while Bitcoin can. A financial system can be built around Bitcoin. Imagine Bitcoin becoming digital oil, usable in various practical scenarios; Bitcoin could also become digital bonds, spawning various financial derivatives. Several projects are already continuously building in this direction, a prime example being GOAT Network, positioned as a Bitcoin yield layer. @GOATRollup Bitcoin's next narrative should be "interest-bearing digital gold." This narrative point has not yet been fully realized by the market. It is recommended to invest in related projects in advance.