Pierre Rochard, chief executive officer at The Bitcoin Bond Company, argues that Bitcoin's typical four-year market cycles are now officially over.
As reported by U.Today, such a view was also recently shared by CryptoQuant CEO Ki Young Ju.
Why halving is irrelevant
As noted by Rochard, halvings no longer change the cryptocurrency's supply in a substantial way.
Back in the day, halving evens were viewed as the main drivers of bullish and bearish cycles since the reduction of block rewards would also dramaticaslly lower the new supply.
However, now that 95% of Bitcoin's entire supply has already been mined, daily issuance does not significant impact the existing trading float.
Furthermore, as Rochard says, the vast majority of new coins that are being sold now come from O.G. whales instead of miners. Hence, prices are at the mercy of the personal decisions of such whales. As reported by U.Today, roughly 80,000 Bitcoiners were recently sold by a long-time holder.
Institutions replace retail
Moreover, demand now mainly comes from institutional investors instead of speculative retail traders.
Exchange-traded funds (ETFs) as well as corporate treasuries are primarily responsible for pushing Bitcoin prices higher.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team