The Bitcoin halving took place on April 20, 2024.
Concretely:
The block reward was reduced from 6.25 BTC to 3.125 BTC per block.
A mechanical supply shock. Fewer new bitcoins, period.
The next halving is expected around March–April 2028, depending on block timing.
Historically, the market does not react on day one, but 6 to 18 months later.
The halving is not the show — it’s the trigger.
