According to ChainCatcher, Grayscale has indicated that the Bitcoin pricing model driven by halving events, which shaped the cryptocurrency's early history, is losing its influence. As more Bitcoin enters circulation, the relative impact of each halving is diminishing. Grayscale notes that the current Bitcoin market is increasingly dominated by institutional capital, rather than the retail speculation that characterized previous cycles.
Unlike the explosive surges seen in 2013 and 2017, Bitcoin's recent rally is more controlled. Grayscale believes the subsequent 30% correction resembles a typical bull market adjustment. Factors such as interest rate expectations, bipartisan efforts in the U.S. to advance crypto regulation, and the integration of Bitcoin into institutional investment portfolios are increasingly influencing market trends.