In early 2026, a signal is stirring waves in the crypto market. Fidelity Group, with an asset scale of $5 trillion, pointed out in its latest outlook report that Bitcoin's market cap has surged to $5 trillion, marking a critical moment in history — this is not short-term speculation, but a sign that Bitcoin has completely transformed from a speculative asset into a mainstream strategic asset.

What is the logic behind this? Simply put, the traditional four-year halving cycle has become ineffective. Since the first halving in 2012, halving has been like a stopwatch for Bitcoin's price, adjusted every four years. But by the time of the fourth halving in 2024, the game rules have been completely rewritten — institutional funds, macro liquidity, and global compliance have come together to reshape the entire driving logic.

Data speaks most convincingly. By 2025, the Bitcoin bought by institutions through spot Bitcoin ETFs and other tools was actually 7.4 times the amount mined by miners during the same period. This is not just capital entering the market; it’s a tidal wave of funds — a scale never seen before in history. Even more interesting, Bitcoin's current inflation rate is only 0.782%, far below gold's 1.5%-2%, making its fixed supply of 21 million coins even more precious.

After the US launched the spot ETF, the entry threshold was directly lowered. Since listing, net inflows have reached $28.3 billion, and the asset scale continues to rise. This is the core driving force of the super cycle — no longer relying on the artificial surprise of halving, but on continuous institutional funding and macro recognition, transforming Bitcoin from a geek's game into a global allocation must-have.