The 2024 Halving

The fourth Bitcoin halving occurred on April 19, 2024, at block 840,000. The block reward dropped from 6.25 to 3.125 Bitcoin.

What made this halving different from all previous ones was the context it happened in.

For the first time, the halving occurred after the approval of spot Bitcoin ETFs in the United States — the most significant regulatory development in Bitcoin’s history. BlackRock, Fidelity, and other major asset managers had launched Bitcoin ETFs in January 2024, giving institutional and retail investors access to Bitcoin through traditional brokerage accounts without needing to hold the asset directly.

The ETF approval changed the demand side of the equation. In previous halvings, new buyers came primarily through cryptocurrency exchanges. In 2024, new demand was also coming through retirement accounts, brokerage platforms, and financial advisors recommending Bitcoin for the first time.

In the months following the 2024 halving, Bitcoin reached new all-time highs above $100,000 — the first time it had crossed that level. The combination of reduced supply growth and increased institutional demand through ETFs produced a price dynamic consistent with previous halvings but amplified by the new distribution channels.

The 2024 halving marked a maturation point. Bitcoin was no longer primarily accessed through specialist cryptocurrency exchanges. It was available through the same platforms used for stocks and bonds.

Tomorrow: Bitcoin ETFs — what they are and what they actually meant.

— The Daily Bit