According to external sources, the Chairman of Strategy, Michael Seller, believed that the four-year bitco cycle around halving was losing its dominance. Bitcoin ' s pricing logic is shifting from a retail to a balance sheet driven as spot ETFs, publicly traded corporate treasurys and larger institutional funds enter the market.

Institutional funds became the new lead

Sélé indicated that the marginal effects of a reduction in the production of miners on the market were less pronounced than in the past. More than in the early phase, which was largely dependent on retail demand, the continued influx of large amounts of money is now of concern.

  • Present bitcoin ETF and related stock market products
  • Company's Bitcoin Treasury Configuration
  • Sovereign funds, national reserves and interbank credit instruments

According to him, current market liquidity had increased significantly and it was difficult to fully explain price fluctuations in the old cycle model. The next phase of introducing bitcoin is not just an increase in the number of buyers, but a greater number of institutions and enterprises with balance sheets.

It's more like a settlement.

It is also Seller ' s view that the role of Bitcoin over the next decade will be closer to the basic settlement level than to the rapidly iterative scientific and technological products. He expected that the agreement itself would become more conservative and that the frequency of code updates might continue to decline.

In this judgement, the importance of extended programmes such as the lightning network and the side chain may be more evident in the outer application layer than in changing the core positioning of the main Bitcoin chain. This change is summarized in the article as a move from a highly volatile narrative to a “digital capital” that places more emphasis on stability and final settlement functions.

Paper bitcoin risk is named

At the same time, however, Sélé cautioned that institutionalization also poses new risks. He compared Bitcoin to gold and real estate, arguing that the financial attributes of such assets would be further amplified by access to credit markets.

He mentioned the need to guard against the expansion of “paper bitcoin” over the next decade, where intermediaries created claims on a larger scale than real currency holdings. If this happens, trust transparency and reserves will prove to be the focus of market attention.