#加密货币ETF发展 Recently, I've seen a lot of people discussing whether the four-year crypto cycle is still valid. I think there's no definitive answer to this question. The market structure has indeed changed significantly—factors like the approval of Bitcoin ETFs, accelerated entry of traditional finance, and the AI boom diverting capital are all impacting cyclical patterns. However, human nature and speculative psychology haven't fundamentally changed, so cyclical fluctuations may still exist, just with different amplitude and rhythm.

My suggestion is not to get too fixated on cycle theories, but instead to focus on fundamentals and liquidity changes. Right now, buying interest in long-tail assets is indeed weak, but the fundamentals of mainstream assets like BTC and ETH are still improving. For regular investors, the safest strategy is to maintain sufficient cash reserves and gradually build positions in high-quality assets at market lows. Don't chase highs or act impulsively, and don't liquidate your positions too easily—it's important to remain patient and rational.

Overall, cycle theory can be a reference, but shouldn't be blindly followed. The key is still to manage risk well and adjust your strategy flexibly according to market changes. After all, in this fast-changing industry, the real path to long-term survival is the ability to adapt and learn.