The fourth Bitcoin halving is just a few days away (currently expected to be on April 20). Historically, within six months after each halving event, Bitcoin's price has shown significant growth. However, this time might be a bit different? $Mara(MARA.US)$Strategy(MSTR.US)$Coinbase(COIN.US)$Riot Platforms(RIOT.US)

After reviewing some materials, the launch of spot Bitcoin ETFs in the U.S. this year has fundamentally changed the entire crypto space (at least for Bitcoin). The net inflows into these ETFs have already reached billions of dollars, effectively reshaping BTC's supply-demand dynamics. Think about it—before, the main market participants were miners, but now institutions and retail investors have a more direct way to enter the game. Will the price still rise after this halving?

Another point worth mentioning is that the available Bitcoin supply (i.e., Bitcoin minus those lost in wallets, held long-term, or otherwise locked and effectively out of circulation) has been on a downward trend over the past four years. It has dropped from a peak of 5.3 million BTC in early 2020 to the current 4.6 million. This is a significant shift compared to the stable growth in available supply observed around the previous three halvings.

All this isn't to say we're bearish on this Bitcoin halving, but rather that the considerations this time around might be different. Attached is a chart previously made by Dolphin Research—feel free to speculate.

What do the crypto big shots in the community think? @土鸡瓦狗的 ETF🐒 @Medivh @BTCFREE

(Forgot to attach the image, reposting.)