Bitcoin passes halfway point in halving cycle as price gains trail prior cycles
Bitcoin is over halfway through its current halving cycle, with price gains lagging previous cycles due to its increasing maturity.Summary
The Bitcoin network has surpassed the halfway point (50.01%) of its current halving cycle, known as "epoch 5," which began in April 2024 and is expected to conclude in 2028. Halvings, occurring approximately every four years, reduce miner rewards by 50%, controlling Bitcoin's issuance and inflation rate. The current block subsidy is 3.125 BTC, with around 450 BTC issued daily. Despite this predictable scarcity mechanism, Bitcoin's price gains since the April 2024 halving (around 15%) are trailing those of previous cycles. This trend of diminishing returns is attributed to Bitcoin's maturation as an asset, requiring more capital to drive significant price increases and leading to reduced volatility and more gradual price action.
(Source：CoinDesk)