#机构比特币投资策略# Looking back, I have witnessed the ups and downs of the Bitcoin market. Now, hearing the views of Bitwise CIO Matt Hougan, I can't help but feel a surge of emotions. The power of the four-year cycle is weakening, which aligns with my observations over the years. I remember during the 2017 bull run, everyone was talking about the Halving effect, but now this influence is indeed gradually diminishing.

The current interest rate environment is favorable for cryptocurrencies, which is vastly different from the situation in 2018 and 2022. Improvements in regulation and the institutionalization of the industry have also alleviated liquidation risks, all of which point to a more mature market. However, the rise of "crypto reserve companies" warrants our vigilance, as it could become a new cyclical risk factor.

In the long term, the transfer of assets to ETFs, the expansion of institutional adoption, regulatory progress, and the massive investment from Wall Street all indicate that a sustained and stable period of prosperity is about to arrive. This reminds me of the scenario in 2013 when Bitcoin first broke through the $1000 mark, a time when we also envisioned a similar future.

However, history tells us that the market is always full of uncertainty. Although the outlook seems bright, we still need to remain cautious. After all, in this industry, we have seen too many cases of overnight wealth and instant collapse. The future may not have the severe four-year cycles anymore, but new challenges will inevitably follow.

For institutional investors, this means that strategies need to be more flexible. One can no longer simply rely on periodic buying and selling, but should instead conduct in-depth research into the essence of projects and focus on long-term value. At the same time, it is also important to closely monitor changes in the regulatory environment, as this will be one of the key factors influencing the market in the coming years.

Overall, I hold a cautiously optimistic attitude towards the future of the crypto market. However, regardless of how the market changes, we should remember: past experiences are valuable, but we must not be bound by them. In this rapidly evolving industry, only by maintaining an open and learning mindset can we stand firm in the waves of the future.