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JPMorgan's Double Bet: Is Bitcoin's 'Super Cycle' Really Different This Time?
#BTC

Recently, according to multiple financial media reports, JPMorgan submitted a prospectus to the U.S. Securities and Exchange Commission (SEC) around November 25, 2025, launching a structured note linked to a Bitcoin spot ETF. This product is cleverly designed to nest two time expectations — it bets on the market in 2026 while leaving room for a potential bull market that could extend to 2028.
This seemingly contradictory design reflects the core debate in the current market: Is Bitcoin about to undergo its famous 'four-year cycle' adjustment, or is it entering an unprecedented 'super cycle'?

Typical Bull Market Duration:
Duration: Usually lasts from 6 to 18 months.
Driving Forces: Mainly driven by retail capital, short-term supply and demand changes due to market halving events, and industry hotspots (such as past ICOs and DeFi).
Market Characteristics: Exhibits a typical 'boom-bust' cycle, with extremely high volatility, and narratives revolve around short-term speculation.