Fidelity Digital Assets presents the view that the four-year cycle of Bitcoin has ended, believing that the market structure has changed and that a periodic retracement of 80% may no longer occur. The report estimates that by October 2025, the market capitalization of Bitcoin will exceed $25 trillion, with deeper liquidity and more stable volatility; even if the price reaches 📈$126k, volatility will be compressed. Key factors include the expansion of scale (market capitalization ≈ twice the peak in 2021) and changes in holding structure: 49 publicly traded companies hold over 10⁵ BTC (<5% circulation), and ETF holdings reach 1.3 million ≈ 6.4% circulation. On-chain indicators show that MVRV remains at ≈ 2 times, with profit doubling windows lasting ≥ 95%. Risk indicators show that profit/volatility ratio has remained above 0.015 since the end of 2023, indicating a more stable market. If this trend continues, BTC will exhibit a slower, more structured price increase in the future, lacking 'sudden' peaks and sharp retracements.