"Is the four-year cycle still in play? This is a decision a thousand times more important than your judgment on today's market." In the past month, I have had in-depth discussions about this issue with over 20 leading institutions. Interestingly, even the most seasoned investors have significant disagreements on this question. But disagreement itself is an opportunity; if everyone had the same view, there would be no room for excess returns. We are experiencing an unprecedented paradigm shift: the stablecoin legislation is granting cryptocurrencies compliance status, Bitcoin ETFs are allowing traditional funds to enter on a large scale, and strategic reserves are giving Bitcoin national-level recognition. These three variables combined are reshaping the entire game rules. What is the most critical change? Bitcoin is gradually shifting from 70% risk asset + 30% safe-haven asset to a higher proportion of safe-haven asset. When U.S. stocks plummet and the dollar's credit declines, funds begin to flow into gold and Bitcoin. What does this mean? It means Bitcoin's volatility is decreasing, and the traditional four-year boom and bust cycle may be disappearing. This judgment directly determines your core strategy: should you sell everything at the peak and wait for a halving, or should you adopt a dynamic full position switching between Bitcoin and quality altcoins? A true investor is not someone who predicts tomorrow's ups and downs, but someone who understands the changes of the times. One big decision outweighs a thousand small decisions.