For over a decade, Bitcoin’s price marched to a predictable drumbeat: the four-year halving cycle. Each halving slashed miner rewards, triggered saupply shock, and ignited explosive bull runs followed by 80% bear markets. It was clockwork—until 2024. Bitcoin shattered all-time highs before the April halving. U.S. Spot ETFs, launched in January, absorbed billions in new supply weekly. The halving’s inflation cut—from 1.7% to 0.85%—barely registered. The cycle, once sacred, appeared broken. To understand w ...