#加密生态动态追踪 Recently, the crypto community has been buzzing about a heavyweight report — Fidelity Investments has boldly stated that the four-year bull-bear cycle that Bitcoin has followed for years may be being broken.

What is the core logic? The report points out that an increasing number of institutional investors are starting to adopt a new framework — the "super cycle."

This concept is worth pondering. Back in the 2000s, a super cycle in commodities lasted nearly a decade, with energy and precious metals all trending upward. Now, there’s an interesting analogy: after gold ETFs were approved, a ten-year bull market began, with institutional funds pouring in heavily, driving prices continuously higher.

Bitcoin’s current situation somewhat resembles that moment. From the pace of institutional entry, the gradual rollout of ETF products, and the expectations of loose global liquidity, multiple dimensions are moving in the same direction. Leading institutions like Fidelity directly endorsing the super cycle theory indicates that institutional consensus is building.

To truly understand the potential of this trend, three key factors need to be examined: first, the sustained net inflow of institutional funds; second, the pace of ETF product expansion across regions; third, the actual evolution of macro liquidity. Only when these three signals align positively can the "new decade" narrative be supported.

But a question also arises— is this a carefully crafted expectation management by institutions, or is it a genuine shift in the market structure? Data will tell, and the key is to observe subsequent fund flows and changes in institutional holdings.

What do you think about the probability of this super cycle materializing? Feel free to share your logic in the comments or dive deeper into the trends of capital flow. Unlocking the secrets of this market movement is worth exploring together.