Harvard Management Company exited its Ethereum ETF position after one quarter and cut its Bitcoin ETF stake, new SEC filings show.

The Q4 filing showed Harvard held 3,870,900 shares of BlackRock’s iShares Ethereum Trust, valued at $86.82 million. The Q1 filing no longer lists the Ethereum fund among Harvard’s reported public equity holdings.

Meanwhile, the sale came less than a quarter after Harvard first reported the ETHA position. The Q1 filing instead shows 3,044,612 shares of BlackRock’s iShares Bitcoin Trust, valued at $116.97 million.

That marks a reduction from 5,353,612 IBIT shares at the end of Q4, when the Bitcoin ETF position was valued at $265.81 million. The filing does not explain why Harvard sold ETHA or reduced IBIT. 13F reports also do not show intraday trades or private positions.

Bitcoin exposure remains in Harvard portfolio

Harvard’s move does not show a full crypto ETF exit. The endowment still held more than $100 million in IBIT as of March 31, even after selling about 2.31 million shares during Q1.

The cut places Harvard among institutions that trimmed crypto ETF risk during a weak period for digital assets. Related coverage found a mixed institutional picture, with Abu Dhabi’s Mubadala adding IBIT shares while Dartmouth added Solana ETF exposure.

Ethereum pressure adds market context

Ethereum has been under pressure since reaching an all-time high near $4,954. According to crypto.news data, Ethereum traded near $2,137 on May 22, leaving the asset down by more than 50% from that peak.

The Ethereum Foundation has also faced debate after several departures and a new mandate. In March, the foundation said Ethereum must remain censorship resistant, open source, private, and secure. Those goals drew support, but some community voices questioned whether the foundation should pay more attention to tokenomics and ETH’s market position.

Laura Shin described the core goals as “great” and “worth fighting for,” but raised doubts about the EF’s stance toward competition. She said the foundation seemed to “sit back on its laurels” while rivals fought for market share.

I think Ethereum’s original sin was not considering tokenomics with every move it made from Dencun on.

The ultrasound money thesis was a good one and with Dencun (or the L2 roadmap generally) they should have stopped to say that this was going to hurt the ultrasound money thesis…

— Laura Shin (@laurashin) May 21, 2026

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ETF filing shows wider institutional split

The filing adds another data point to a wider shift in crypto ETF holdings. Some institutions have continued using ETFs for Bitcoin exposure, while others have rotated, reduced risk, or tested altcoin products.

A recent crypto.news report also said JPMorgan warned that Ethereum upgrades may not be enough to lift ETH if network demand and token burns remain weak. For Harvard, the filing only confirms portfolio changes. It does not prove a long-term view on Ethereum, Bitcoin, or crypto ETFs.

At least five crypto companies have shuttered this week as a prolonged downturn in the crypto market has put downward pressure on user activity and investor funding. 

Crypto trading card platform Fantasy.top, cross-blockchain infrastructure company Everclear, and Ethereum layer-2 blockchain ZERO Network all announced Thursday that they were winding down, with their products failing to find the right fit in the market or sustain enough revenue.

This came the same week Ethereum infrastructure firm Syndicate Labs announced it was winding down after five years in a shrinking rollup market, and crypto ATM company Bitcoin Depot filed for bankruptcy in the US on Monday, citing financial strain and regulatory pressure. 

Crypto companies have struggled this year amid a broad market downturn that has seen Bitcoin (BTC) fall about 40% from a peak of $126,000 in early October. Many public companies also reported losses in the first quarter, and the crypto industry has laid off more than 5,000 employees this year.

Fantasy.top posted to X on Thursday that it would shut down in June after two years of operations because its trading volume “was not sufficient to sustainably support long-term operations.”

The company added that it explored different products, such as prediction markets, to stay afloat, but “none reached durable market fit.”

Fantasy.top co-founder “Kipit” said the company failed because it “tried to put crypto on top of a model that was never built for crypto,” and attracted people “who want to make money from cards” instead of those who enjoy trading card games.

Source: Kipit

Meanwhile, Everclear said it was winding down the Everclear Foundation and Everclear Labs, the two organizations that help manage and develop the protocol, because it “never developed the commercial depth we needed” and couldn’t sustain meaningful revenue. 

The protocol added that it explored various unsuccessful acquisition options and moved to a different model focused on partnerships, but had “underestimated how long it would take those partners to go live — and our runway ran out before they did.”

Everclear said it is considering open-sourcing its protocol to give its community the option of continuing to run it.

The token tied to Everclear fell sharply on Thursday after the protocol announced it was shutting down. Source: CoinGecko

Also on Thursday, the ZERO Network team posted to X that it was shuttering the network to focus on its sister crypto wallet and data service, Zerion.

Related: Bitcoin treasury Nakamoto plans reverse stock split to save ailing share price

“We launched ZERO believing users shouldn’t pay to transact on-chain,” said Zerion co-founder and CEO Evgeny Yurtaev. “We were obsessed with moving on-chain mainstream. We still are. But the world didn’t need more blockchains — it needs a better way to access them.”

Other recent crypto company closures include crypto mobile superapp Legend, which announced its closure on May 13. Solana aggregator Step Finance, crypto derivatives protocol Polynomial, crypto lending protocol Seamless and Balancer Labs, the team behind the Balancer protocol, have also closed due to the fallout from hacks or for a lack of market fit.

NYDIG research lead Greg Cipolaro said in February that the number of crypto projects that can attract investors is shrinking, with only applications or services that “extend traditional finance products onto blockchain infrastructure” getting the most attention.

Crypto platform Hyperliquid, popular for its crypto perpetual futures, has seen continued interest, pushing its token above $62 on Thursday, according to CoinGecko.

Prediction markets such as Kalshi and Polymarket, which use blockchains, have also seen continued growth in trading volume, recording a combined record monthly volume of $23.8 billion in April, according to Token Terminal data.

Conversely, major public crypto companies, including Bullish, BitGo, Galaxy Digital and Coinbase, posted losses in their first-quarter results due to market conditions.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026 

US lawmakers have renewed efforts to codify a US strategic Bitcoin reserve with a new bipartisan bill on Thursday that seeks to acquire around 1 million Bitcoin over five years. 

The American Reserve Modernization Act of 2026 would establish a Strategic Bitcoin (BTC) Reserve and Digital Asset Stockpile for other federally held cryptocurrencies, which would be held by the US Treasury Department, said the bill’s sponsor, Representative Nick Begich.

ARMA, sponsored by 16 members of Congress, builds on the BITCOIN Act, which was introduced in July 2024 and updated in March 2025.

Source: Nick Begich

In an interview on Sunday, Patrick Witt, of the President’s Council of Advisors for Digital Assets, referred to ARMA as “Version 2” of the BITCOIN Act and said the White House has spent considerable time examining the legal implications of a Bitcoin reserve.

“It’s a breakthrough as far as getting everything in place, legally sound, properly safeguarding the assets.”

The push for a federal policy comes as the US currently holds 328,372 Bitcoin worth more than $25.5 billion — the most of any nation-state — but has sold portions of those holdings through court-ordered actions over the years.

“The US is already one of the largest holders of Bitcoin in the world. But Congress has never set a federal policy on what to do with that asset,” said US Representative Jared Golden, one of the 16 co-sponsors of the bill.

Under ARMA, Bitcoin must be held for a minimum of 20 years unless it is sold to reduce America’s national debt, which topped $39 trillion on Wednesday.

Like the BITCOIN Act, ARMA also seeks to acquire up to 1 million Bitcoin over five years through budget-neutral strategies, meaning it would avoid using taxpayer money.

US Representative Mike Carey argued that as digital assets continue to grow in importance, the bill could strengthen America’s long-term economic position and help keep it “competitive on the world stage.”

Related: SpaceX reveals larger-than-expected Bitcoin holdings in IPO filing 

Strive CEO and chairman Matt Cole said ARMA is the “single most important crypto legislation” that could come out of Washington DC.

ARMA could strengthen transparency measures, property rights

Quarterly proof of reserve reports and independent third-party audits of the Bitcoin reserve would be published under ARMA, Begich noted.

The bill also seeks to protect digital property rights by affirming that the federal government may not impair the right of individuals to own or self-custody digital assets.

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

XRP POWER launches AI-powered app in 2026 to simplify digital finance and automation for global users.

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Bitcoin is treading near a critical price frontier around $80,000, as a confluence of derivative pressure and technical signals hints at a potential shift in the risk balance. Data tracked by CoinGlass indicate that the lion’s share of leveraged exposure sits above the current price, with more than $4 billion in short positions exposed to a move into the $80,000 area. That looming container of risk sits against a backdrop of support around $76,100 that BTC defended for two consecutive days, while bullish signals emerged on shorter timeframes.

In recent sessions, Bitcoin briefly retested the $78,000 mark after hovering near the $76,100 support level. On the chart, a bullish divergence between price action and the relative strength index on the one-hour timeframe has appeared, accompanied by higher lows that hint at underlying buying strength. Traders will be watching whether BTC can clear the $78,000 threshold and push toward the $80,000 region, where the literature suggests a cluster of liquidity could be exposed and a potential shift in the near-term trajectory could unfold.

Key takeaways

• More than $4 billion in short positions sit above the current price, meaning a move toward $80,000 would likely trigger substantial short-liquidation pressure.
• A downside risk exists as roughly $3 billion in long liquidations could be triggered if BTC slides toward $75,000, underscoring asymmetric risk around the current range.
• The price action is forming patterns that traders interpret as a possible pre-breakout setup—an inverse head-and-shoulders under a descending trendline with a $78,000 threshold to clear before testing higher levels.
• Liquidity appears split: weak spot demand alongside rising futures activity, characteristic of leveraged-driven upside in the near term.
• Futures-driven momentum may dominate near-term moves, but the confluence of FVGs and liquidity clusters at the $79.5k–$80.3k zone suggests a defined near-term retest area that bears watching for a sustainable breakout or a rejection.

Liquidity cliff at the $80,000 mark

The near-term risk landscape centers on how large a move into the $80,000 zone could become for liquidations. CoinGlass data show the largest concentration of leveraged risk sits above current price levels; a move toward $80,000 would expose more than $4 billion in cumulative short liquidations. By contrast, a drop toward $75,000 would expose roughly $3 billion in long liquidations, presenting a skew toward downside pressure as well, but with a potentially sharper upside impulse if a short squeeze develops.

The technical setup reinforces the narrative. On the one-hour chart, Bitcoin formed a bullish divergence between price and RSI, with momentum improving as price held above the $76,100 support. The market has also been shaping an inverse head-and-shoulders pattern beneath a descending trendline, a structure that market participants often interpret as a softening bearish bias before a breakout. A sustained move above $78,000 could bring the fair-value gap (FVG) in the range of $79,500 to $80,300 into focus—a low-liquidity territory created during a previous selloff that price could revisit to fill before continuing its next leg.

In practical terms, a climb into the high $70s and into the $80k zone would test short positions with a potentially rapid unwind, while a move lower could trigger additional long liquidations. The dynamic highlights the asymmetric risk the market faces in the near term: a relatively small move in BTC price could force outsized liquidations on one side of the book depending on direction.

Derivatives activity versus spot behavior

Derivatives markets appear to be driving the recent upside more than immediate spot demand. In the latest 24-hour window, liquidations accelerated markedly, with CoinGlass data showing 103,963 traders liquidated and total liquidations amounting to $286.08 million. Short positions accounted for nearly $175 million of that total, underscoring the magnitude of risk concentrated in the short side of the book. The largest single liquidation hit Binance’s BTC/USDT pair at $3.04 million.

Open interest data from CryptoQuant painted a picture of risk posture shifting as volatility spiked. Bitcoin-denominated open interest stood near 116,800 BTC, down from roughly 120,000 BTC a day earlier. The drop suggests that traders were trimming leveraged exposure during the recent volatility, a sign that risk is being managed rather than aggressively escalated at current levels.

Spot market participation remained comparatively tepid as price reclaimed the $78,000 vicinity. The aggregated spot volume delta (CVD), which measures net buying versus selling pressure, registered at about -$483 million, signaling a degree of selling pressure in the spot arena. Conversely, the futures CVD nudged into modest positive territory, around +$34 million, complemented by persistently elevated funding rates that imply a short-term bullish tilt in the futures market. Taken together, the data indicate a liquidity split: fewer buyers in the spot market and a contingent, levered buyer presence in the futures space that has helped push prices higher in the near term.

The confluence of a cooling open interest, a quantifiable tilt toward futures-driven upside, and the looming $80,000 liquidity stack suggests traders should prepare for a decision point at the upper boundary of the current range. If price action can decisively clear the $78,000–$80,000 zone and sustain it, the market could test the FVG-retransmission zone and possibly push toward new highs in the current cycle. If, however, the bid support fails to materialize, a retest of the mid-$70s could reintroduce the risk-off dynamic that characterized earlier weeks.

For context, reports and data from market analytics providers corroborate the scene: liquidations and open-interest dynamics are consistent with a transition in momentum from cautious accumulation to a more aggressive, levered move when price passes key levels. The broader takeaway is that while spot demand remains spotty, the pull of the futures market—and the liquidity patch around $80k—could determine the near-term path for BTC.

What this means for traders and builders

From an investor and trader perspective, the current configuration emphasizes two themes. First, liquidity concentration at the $80,000 zone makes it a high-stakes battleground for leveraged traders. A break above that level could unleash a sizable short squeeze, given the $4 billion exposure to shorts, while a rejection could provoke an equally rapid unwind in long positions that now sit at risk around the mid-$70s.

Second, the divergence between futures activity and spot participation signals that a subset of market participants remains willing to deploy leverage to chase upside, while broader flow remains cautious. This dynamic can sustain a volatility regime where prices drift higher on a thin bid in spot while futures sustain the move and liquidations discipline risk management in both directions. For developers building on-chain risk analytics or traders constructing hedges, the current environment offers a meaningful test case for the reliability of funding-rate signals and the predictive value of short-term chart patterns such as the inverse head-and-shoulders and the FVG framework.

As ever, readers should monitor price action through the near-term lens of $78,000 as a pivot. A clear breakout above $80,000, supported by robust spot demand and a balanced liquidations profile, could open room for further upside. Conversely, failure to sustain momentum at that zone may invite a reevaluation of long exposure and a reversion toward key supports around $76,000–$77,000, where demand historically re-emerges during risk-off spells.

For ongoing context, traders and enthusiasts can track liquidation data and funding signals across industry analytics outlets, with CoinGlass highlighting the current concentration of risk above the price level and CryptoQuant offering a view of open-interest shifts that accompany moves in BTC pricing.

What remains uncertain is whether the upcoming price action will be primarily driven by macro sentiment, retail positioning, or continued leverage in the futures market. The next few sessions will be decisive in uncovering whether the $80,000 barrier acts as a cap or becomes a doorway to the next leg higher.

State Street Corporation has sharply increased its exposure to Strive Asset Management after buying nearly 1 million shares in the Bitcoin-focused asset manager.

According to a recent Bitcoin Treasuries report, the $5.6 trillion asset management firm purchased around 1 million shares of Strive’s publicly traded ASST stock in a deal valued at roughly $17.7 million. The latest filing lifts State Street’s total stake in the company to nearly one million shares, now estimated to be worth close to $20 million at current market prices.

The disclosure points to a 770% jump in State Street’s exposure to Strive, which has increasingly tied its corporate strategy to Bitcoin accumulation. Premarket data showed ASST shares edging up 0.34% following the announcement. Earlier on May 20, the stock closed at $16.98 after gaining more than 5% during the trading session.

Previously, Vanguard Group had also taken a sizable position in the company, adding to growing institutional interest surrounding Strive’s Bitcoin treasury model.

How large has Strive’s Bitcoin treasury become?

Earlier this week, Strive disclosed additional Bitcoin purchases made between May 13 and May 18. Company filings showed the firm acquired 382 BTC during that period at an average purchase price of about $79,348 per Bitcoin, excluding transaction-related costs.

Following the latest purchases, Strive’s corporate treasury now holds 15,391 BTC, according to company disclosures. The total places the firm among the largest public corporate Bitcoin holders globally and puts it close to the holdings reported by Hut 8, which currently holds roughly 300 BTC more than Strive.

At the same time, the company reported cash and cash equivalents of about $87.3 million as of May 18. Regulatory filings also showed Strive held nearly $49.8 million worth of Variable Rate Series A Preferred Stock issued by Strategy.

Separately, the filings confirmed that Strive had issued approximately 63.66 million Class A common shares and around 9.87 million Class B shares. The company additionally disclosed the sale of 5.24 million shares tied to its SATA preferred stock offering.

Why are investors watching Strive’s Bitcoin strategy closely?

In recent days, Strive introduced daily dividend payments connected to its SATA preferred stock program. According to the company, proceeds generated from those preferred share sales are being directed toward additional Bitcoin purchases.

The approach has drawn attention from equity analysts covering the stock. Investment bank TD Cowen recently lifted its price target on ASST shares to $30, citing growth in the company’s Bitcoin reserves. Meanwhile, brokerage firm H.C. Wainwright raised its own target to $38 as Strive continued expanding its treasury holdings.

Founded by Vivek Ramaswamy, Strive has increasingly positioned itself alongside firms using Bitcoin as a treasury reserve asset rather than treating the cryptocurrency as a passive investment. As institutional ownership rises, investors are now closely tracking whether continued Bitcoin accumulation can sustain momentum in the company’s stock.

Bybit has launched a new perpetual trading product tied to SpaceX ahead of the aerospace company’s expected public listing in June.

According to the exchange, the newly listed SPCXUSDT perpetual contract gives traders exposure to SpaceX with leverage of up to 10x. The contract is already live on the platform and is settled in USDT, allowing users to trade continuously without an expiry date or rollover requirement.

The launch arrives as SpaceX moves closer to what several market reports describe as one of the largest stock market debuts ever attempted. Regulatory filings reviewed ahead of the planned Nasdaq listing show the company is seeking a valuation between $1.75 trillion and $2 trillion while targeting a capital raise of roughly $75 billion.

If completed at that level, the offering would exceed the record set by Saudi Aramco during its 2019 IPO, which raised approximately $29.4 billion.

Why is SpaceX attracting so much market attention?

Fresh filings submitted to the U.S. Securities and Exchange Commission have also revealed that SpaceX currently holds 18,712 Bitcoin on its balance sheet. The figure was disclosed in the company’s S-1 registration filing and exceeded earlier blockchain-tracking estimates that had placed the company’s holdings closer to 8,285 BTC.

The filing further showed that SpaceX now holds more Bitcoin than Tesla, which currently reports 11,509 BTC according to BitcoinTreasuries data. Both firms are linked to Elon Musk, who has publicly supported Bitcoin during previous market cycles.

Beyond its cryptocurrency holdings, SpaceX continues to expand its commercial operations. Company disclosures stated that Starlink, its satellite internet unit, reached more than 8 million active subscribers worldwide and generated about $7.7 billion in revenue during 2024.

Recently, the company also acquired xAI, Musk’s artificial intelligence venture. The deal combined SpaceX’s satellite and launch businesses with AI infrastructure and connectivity operations under a single corporate structure.

How does Bybit’s SpaceX contract work?

Bybit stated that the SPCXUSDT perpetual contract is based on SPCX and references an estimated share count of about 11.87 billion shares. Unlike traditional equity trading, the product remains available around the clock, including weekends and holidays.

Exchange documentation noted that traders can maintain positions indefinitely because the contract carries no fixed settlement date. Alongside leveraged access, Bybit said the platform includes professional charting tools, integrated custody systems, and insurance protections for users trading the contract.

Meanwhile, SpaceX’s SEC filing described the company’s total addressable market across space transport, internet connectivity, and artificial intelligence as roughly $28.5 trillion. The filing stated that the company sees opportunities across what it called the largest actionable market in “human history.”

Although the filing confirmed the company’s Bitcoin holdings, SpaceX did not disclose whether it plans to increase, reduce, or maintain its cryptocurrency exposure after going public. For now, investors appear focused on how the IPO, Bitcoin holdings, Starlink growth, and AI expansion could shape trading activity surrounding the company in the months ahead.

The US Commodity Futures Trading Commission (CFTC), under the sole leadership of Republican Michael Selig, announced a memorandum of understanding with the National Hockey League to “protect the integrity of professional hockey and maintain fair and transparent prediction markets.”

In a Thursday announcement, Selig said the move was intended to protect prediction market users from “insider trading, fraud, and other abuse” as the CFTC continues to maintain what it calls its “exclusive jurisdiction” over platforms like Kalshi and Polymarket.

The agency signed a similar agreement with Major League Baseball in March, at the same time the league announced Polymarket would be its Official Prediction Market Exchange.

According to the CFTC, the NHL agreement would allow the two entities to “share information and coordinate to protect the integrity of both professional hockey and related event contracts” on platforms. The NHL’s 2026-27 season is scheduled to begin in September, but as of Thursday, Kalshi and Polymarket listed event contracts for the Stanley Cup playoffs, which began in April.

Source: CFTC

Under Selig, who remains the CFTC chair and the agency’s sole commissioner, the financial regulator has repeatedly claimed that it alone has the right to oversee and regulate prediction markets. At the chair’s direction, the CFTC has filed legal actions against state authorities in Ohio, Connecticut, Illinois and New York over prediction markets, and recently in Minnesota over what it called a US state’s “first outright ban” of the platforms.

Related: House committee leaders urge Trump to nominate CFTC members, citing CLARITY Act

The CFTC’s leadership is expected to consist of a bipartisan panel of five commissioners, but Selig has been serving as the only member since December. Despite urging from lawmakers, US President Donald Trump had not publicly announced any nominations to fill the seats as of Thursday.

Polymarket filed to ‘list combinatorial outcome contracts’

On Wednesday, the prediction markets company filed a product self-certification letter to CFTC Secretary Christopher Kirkpatrick. According to the company, this would allow Polymarket to combine two or more underlying event contracts on the platform.

Magazine: 5 tech predictions the mainstream media got horribly wrong

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Binance launched perpetual futures contracts tied to the expected valuations of private companies ahead of their public listings, starting with a SpaceX-linked product settled in Tether’s USDt (USDT).

Binance said pre-IPO perpetual contracts are expected to reflect publicly available IPO pricing indicators, including announced valuation ranges and final offering prices, before a company begins trading publicly. After a listing, the contracts would transition to tracking live market prices.

The first contract, SPCXUSDT Pre-IPO Perpetual, is tied to SpaceX’s expected public market valuation, with additional pre-IPO perpetual contracts to follow over time.

Source: Binance

The products do not represent ownership of the underlying shares and instead allow traders to speculate on expected valuations before and after a company’s public debut.

According to Binance, contracts may later transition into a more standard perpetual futures structure once a stable reference price can be derived from the publicly traded shares. Contracts tied to IPOs that are delayed or canceled may also be delisted and settled under a separate process outlined by the exchange.

Related: Senator Elizabeth Warren questions Elon Musk about X Money

Crypto companies expand SpaceX-linked investment products ahead of IPO

The launch comes as Elon Musk’s aerospace company prepares for a public listing that could become one of the largest IPOs in US market history. In April, SpaceX confidentially filed for an initial public offering with the US Securities and Exchange Commission and could move forward with the listing as early as June. This week, the company confirmed plans to sell shares of its stock to the public.

According to reports, SpaceX could seek a valuation above $1.75 trillion and raise as much as $75 billion in the offering, a size that would surpass the roughly $29 billion raised in Saudi Aramco’s 2019 IPO.

In recent months, crypto companies have increasingly launched products tied to SpaceX and other private technology companies ahead of potential public listings. In March, tokenized equities platform xStocks partnered with Fundrise to bring a fund holding private shares in companies including SpaceX, Anthropic and Databricks onchain.

In April, crypto exchange Bitget launched IPO Prime, a platform for pre-IPO investment products, starting with a SpaceX-linked offering called preSPAX. The product gave retail users economic exposure tied to the company’s potential public debut without direct ownership of the underlying shares.

On Wednesday, an SEC filing showed SpaceX held 18,712 Bitcoin (BTC) purchased at an average of $35,320 per coin, more than the 11,509 Bitcoin held by Tesla.

If the company were publicly traded today, it would rank seventh among public corporate Bitcoin holders, ahead of Coinbase Global’s 16,492 Bitcoin and behind Bullish’s 24,300, according to industry data.

Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles