I've been reflecting on a very interesting change happening in the Bitcoin market. Michael Saylor, from MicroStrategy, touched on a point I find quite relevant: we are seeing institutional capital gaining much more influence than the traditional halving cycles. For a long time, the halving was that event that marked the market, you know? We knew that every four years there would be this reduction in Bitcoin supply, and it created a predictable dynamic. But now things are different. What is really moving prices is no longer just this programmed mining event, but the capital flows entering through regulated channels and structured products. What catches my attention the most is how Wall Street is reshaping all of this. Institutional investors now have much more influence on liquidity and price stability than these halving cycles. We are talking about capital entering in a more structured, predictable way, different from the volatility we used to see before. This marks a very significant turning point. Bitcoin is increasingly aligning with broader financial trends. It’s no longer that asset heavily dependent on supply shocks related to mining. Now it’s more about integration into traditional financial systems, about how institutional capital views Bitcoin as part of a larger portfolio. I think this shows the maturity the market has reached. Bitcoin has moved from that simpler cycle where halving determined everything to a model where financial flows truly take precedence. Definitely an evolution worth keeping an eye on.

【$BTC Signal】Pullback to go long, 4H trend remains unchanged $BTC 1H MACD histogram continues to expand, bearish momentum is being released. The middle band of the 4H Bollinger Bands at 76,470 forms a strong support, while EMA50 (75,697) below creates a second line of defense. Market depth shows selling pressure concentrated at -81.63%, with strong buying willingness below. If the price retraces to the 77,146-78,083 range, it is an excellent position for accumulation. ⚡Entry: Buy in stages within the 77,146.3 - 78,083.1 range. 🛑Stop loss: 75,318.8 🚀Target 1: 80,801.3 🚀Target 2: 82,628.8 🛡️Trade management: - Execute strategy: After reaching Target 1, halve the position, and move the remaining stop loss up to the entry price. If the price cannot hold above the upper boundary of the entry zone, exit proactively and observe. The 4H MACD remains in a bullish trend after a golden cross, with slightly reduced momentum. The 1-hour retracement provides a better risk-reward opportunity. The negative funding rate suggests short-term squeeze potential for bears, but stable open interest indicates large funds have not exited. The risk-reward ratio at this level is close to 1:1, making it worthwhile to use a small stop loss to bet on trend continuation. Check real-time market 👇 $BTC --- Follow me: Get more real-time analysis and insights on the crypto market! $BTC $ETH $SOL ‍#Gate13周年现场直击 #WCTC交易赛瓜分800万USDT #比特币反弹

Interestingly, Nick Szabo shared a little-known piece of history at the 2021 Bitcoin conference — before Bitcoin appeared, the cryptography community was already contemplating the possibilities of decentralization. Nick Szabo himself began participating in discussions about virtual banks and distributed networks in the Extropy magazine as early as 1995, when these concepts were still very cutting-edge. In the same year, Nick Szabo proposed the idea of smart contracts. But he didn't come up with it out of thin air; it was built on the work of predecessors. For example, David Chaum's DigiCash project used blind signature technology to reduce trust requirements, along with his test currency Cyberbucks — considered to be the first private digital currency. These early attempts provided a lot of inspiration for later innovators. Even more interestingly, Nick Szabo also operated a mailing list called Libtech, which became a forum for cryptography enthusiasts to exchange ideas. It was within this community that projects like Bit Gold, b-money, and RPOW emerged. Although these projects ultimately did not become mainstream, they laid the theoretical foundation for Bitcoin and the entire cryptocurrency ecosystem. From this perspective, the contributions of early cryptography pioneers like Nick Szabo are often underestimated. They not only addressed technical challenges but, more importantly, established a community environment that allowed for free exchange and innovation.