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Author | Dingdang ( @XiaMiPP ) In the eighteen years following Bitcoin’s birth, the “four-year cycle” theory became almost the cornerstone of belief in the cryptocurrency market. Bitcoin halvings, supply contraction, price increases, and altcoin seasons—this narrative not only explains multiple bull and bear market cycles in history but also profoundly influences investors’ position management, project fundraising pace, and even the entire industry’s understanding of “time.” However, after the halving in April 2024, Bitcoin only rose from $60,000 to its all-time high of $126,000, a much smaller increase than in previous halvings. Altcoins were even weaker, and macro liquidity and policy variables became more sensitive anchors for the market. Especially after the large-scale entry of spot ETFs, institutional funds, and traditional financial instruments, one question has been repeatedly discussed: Does…# Analysis# Airdrop# crypto# defi# ethereum# Exchange# guide# Market# Token# ToolPre
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- Original Compilation: TechFlow Introduction: With the massive success of Hyperliquid, the perpetual contract decentralized exchange (Perp DEX) sector has entered a phase of intense competition. The...