Why Bitcoin’s latest cycle feels unlike the rest
Each halving cycle as soon as promised monumental features. The primary delivered a staggering 6,400% return. The second halving noticed that quantity lower in half.
The third? A good however way more muted 1,200%.
And the present cycle, up to now, has barely scraped previous 100% — whilst Bitcoin hit new all-time highs.
Supply: IntoTheBlock
The maths is evident: Bitcoin’s post-halving rallies are really fizzling out. However the implications go deeper.
This sample suggests the market now not reacts to halving provide shocks with the identical blind euphoria.
With institutional gamers within the combine and macro headwinds swirling, Bitcoin is behaving much less like a wild speculative asset and extra like a maturing, macro-sensitive instrument.
In different phrases, the halving may nonetheless set the stage — lowering issuance and tightening provide — however it’s now not the principle act.
As we speak, Bitcoin’s value is more and more tied to liquidity cycles, rate of interest expectations, and broader financial indicators.
If that appears like Bitcoin is slowly being absorbed into the normal monetary system, it’s as a result of it’s. The shrinking returns might not sign weak spot — however quite a shift in narrative.
