Bitcoin Keeps Breaking Records, But Each Halving Cycle Delivers Smaller Gains

Bitcoin’s (BTC) historic value trajectory highlights a transparent sample. While the asset has constantly climbed to new highs after every halving, the positive aspects have diminished.

In reality, new analysis revealed that “the diploma of post-halving value positive aspects has compressed over time for the reason that second halving.”

Returns Are Shrinking Fast

Halvings, which scale back the speed of latest Bitcoin coming into circulation, have slashed block rewards by 87.5% since 2012 – from 25 BTC to the present 3.125 BTC. This has fueled shortage narratives which have lengthy supported upward value momentum. Over this era, Bitcoin’s worth has surged greater than 9,110-fold, hitting $109,000 on September 1, 2025. A month later, the crypto asset has risen above $120,000.

Despite this, CoinGecko stated that the magnitude of returns post-halving has waned. The second halving cycle in 2017 delivered peak positive aspects of 29x, the 2021 cycle dropped to six.7x, and the newest run in 2025 has seen a relatively modest 93.1% improve.

Interestingly, the cycle’s rhythm modified when Bitcoin posted a document $73,400 in March 2024 – months earlier than the fourth halving -challenging historic expectations. Meanwhile, market exercise has exploded, as evidenced by every day buying and selling volumes surging from roughly $20 million in 2013 to just about $30 billion in 2025.

This has not deterred publicly listed corporations from more and more adopting Bitcoin as a treasury asset. As of October third, 1,040,061 BTC was held by virtually 200 listed corporations, which is sort of 5% of the full BTC provide. Strategy leads with 640,031 BTC. According to information compiled by Bitcoin Treasuries, this represents 63.2% of all corporate-held Bitcoin, and added one other 4,048 BTC on September 2.

Several new corporations are making important strikes into Bitcoin. Twenty One, backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, has bought 43,514 BTC since May. It has now change into the third-largest company holder. Meanwhile, US-based healthcare agency KindlyMD expanded its holdings by means of a merger with Nakamoto BTC Holdings, and added 5,765 BTC. It had additionally introduced plans to lift $5 billion for treasury progress.

Internationally, organizations like MetaPlanet in Japan and Treasury BV in Europe are constructing sizable Bitcoin treasuries, with Treasury BV elevating $147 million to amass greater than 1,000 BTC.

Bitcoin’s Backbone Strengthens

While institutional holdings climb, the community itself has seen exceptional growth in computational energy. The Bitcoin community’s mining hash charge has been on a gentle upward trajectory, as participation from each particular person miners and institutional gamers has saved rising. Over the previous 12 months alone, the hash charge surged 88%, from 670 million TH/s to 1.266 ZH/s.

Under the Trump administration, the US mining ecosystem has expanded, aided partially by the relocation of Chinese mining {hardware} producers corresponding to Bitmain, Canaan, and MicroBT to the US, spurred by tariffs and regulatory pressures.

Meanwhile, home corporations together with HIVE, Hut 8, Marathon, and CleanSpark are more and more prioritizing different power sources for brand spanking new amenities. Adding to the momentum, Eric Trump lately co-founded American Bitcoin Corp, which debuted on the Nasdaq.

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