Views on Bitcoin Bull and Bear Cycles:

1. One should not only focus on the whales buying; there are also many whales selling. Don't be misled by positive news; the peak of a bull market is always filled with good news, while the bottom of a bear market is always rife with bad news;

2. Optimistically speaking, the Bitcoin bull market may indeed not be over yet, but both the volume-price relationship and technical indicators have shown clear signs of a peak. Even if the bull market has not ended, it is already in its final stages, and the potential for further increases is limited;

3. Lowering interest rates may not be a lifeline; historically, there have been numerous instances where the U.S. stock market entered a bear market after rate cuts;

4. The entry of traditional institutions will affect the volatility and development pace of Bitcoin's bull and bear cycles. However, bull and bear cycles will still exist, as the cyclical halving has a significant impact on Bitcoin mining costs. The periodic drastic changes in mining costs will lead to cyclical changes in Bitcoin prices.