#交易策略误区 Xapo Bank CEO Seamus Rocca stated that the four-year cycle of the Bitcoin market has not disappeared. Despite increased institutional participation, the market may still experience cyclical adjustments.

Rocca believes that Bitcoin has not yet become a hedge against inflation and is still associated with risk assets. The market could enter a bear market due to reduced news flow or portfolio adjustments.

Some investors and analysts believe the cycle has changed, but Rocca disagrees with this view. Human psychology remains unchanged, and cyclical fluctuations will still occur. VC firm Breed has warned that excessive leverage could trigger a bear market, but if financed through equity, the impact may be limited.