Bitcoin breaks traditional 4-year cycle with pre-halving all-time high amid new ETF-driven demand.

Bitcoin's historic four-year cycle, traditionally driven by halving events reducing supply and sparking rallies, is shifting due to new institutional demand from spot Bitcoin ETFs launched in 2024. These ETFs, introduced by major asset managers, have altered market dynamics, leading Bitcoin to reach a new all-time high before the 2024 halving—breaking the usual post-halving rally pattern. Analysts now consider liquidity, interest rates, and macroeconomic factors alongside halvings to understand Bitcoin's price movements. The evolving market structure suggests Bitcoin is becoming more influenced by institutional flows and broader financial trends, potentially changing its classic boom-and-bust cycle.