Special Feature | Bitcoin: Is This Time Really Different?

Crypto may no longer be as wildly popular, but it is moving forward more steadily.

From market comparisons to on-chain metrics, we explore whether the four-year crypto cycle has become invalid.

By the end of 2025, the crypto market will be in a period of deep volatility driven by a high degree of macroeconomic factors: although Bitcoin is still in the high range of $90,000, sentiment has fallen to the level of extreme fear since the 2020 pandemic. The massive outflow of ETFs in a single day, the structural turnover of whales and retail investors selling at a loss have formed a typical "redistribution of chips" in the middle of a bull market.

Bitcoin continues its downward trend, once again testing the $100,000 mark.

Ignas also pays special attention to lending agreements that generate fees.

Market volatility exists, but the bull market is far from over; Ethereum is expected to reach $12,000 by January next year.

The continued stabilization of actual volatility indicates that the market structure is maturing, characterized by institutional demand dominating and a longer cycle.

When the market once again insists that "this time is different," historical cycles may quietly and predictably provide a powerful counterargument.