As reported by Bijié Wǎng, the traditional four-year Bitcoin halving cycle, historically a key driver of price trends, is being redefined in the context of ETFs and institutional liquidity. The 2024 halving occurred amid a structural shift marked by the approval of U.S. spot Bitcoin ETFs in January 2024, which are projected to inject over $54.75 billion in net inflows by mid-2025. This has reduced Bitcoin’s volatility by 55% and shifted trading activity, with 57.3% now concentrated in U.S. market hours. Institutional participation has also led to increased centralization, with 5.7% of Bitcoin held in ETFs, raising concerns about systemic risk. The 2024 halving saw a more stable price trajectory compared to past cycles, with Bitcoin maintaining above $110,000 for 18 months. Analysts suggest that macroeconomic factors and liquidity now play a greater role than supply-side mechanics in price discovery.
Bitcoin's 4-Year Halving Cycle in the Era of ETFs and Institutional Liquidity
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