The halving rhythm has been written into the candlesticks, and the turnover of scattered chips has long been completed. The consensus in the secondary market is stacking layer by layer, and although the capital inflow is not loudly announced, the actions are continuous.

BTC's supply characteristics determine its scarcity—this is not marketing hype, but a fact written in code. This hard cap property sets the upper limit for price growth. The ultimate fate of the crypto world is not just hype around altcoins, but a reallocation of macroeconomic and monetary power.

Quantitative indices and spot markets are moving in the same direction, and a decade of model validation has never deviated from the track. Global liquidity is warming up again, and this is no coincidence—it's an inevitable cycle. The reallocation of funds across the five continents is underway, and the target of ten thousand points is no longer a castle in the air.

Each halving is a watershed for the market, and this cycle layout is paving the way for the next stage.