New market structure, institutional funds, and macroeconomics are key variables for BTC price, report says

A new market structure that deviates from the traditional halving cycle, institutional fund flows, and the macroeconomic environment are the three main variables that will influence Bitcoin's price movements this year, Coindesk reported, citing research from NYDIG and Wintermute. The analysis suggests the conventional four-year crypto cycle centered on the halving may now be over, with cryptocurrencies beginning a transition into a more stable asset class as institutional products like ETFs reshape the market. Consequently, key catalysts for Bitcoin's price this year could include the actions of institutional investors within this new structure, evolving geopolitical and macroeconomic risks, and whether retail investors shift capital from stock markets to crypto.