Bitcoin (BTC) has now passed one year since the last halving, and this cycle is forming differently compared to before. Unlike previous cycles with explosive price increases after halving, BTC has seen a much smaller increase, rising only 31%, compared to 436% in the same timeframe of the previous cycle.
Meanwhile, long-term investor indicators like the MVRV ratio are signaling a significant reduction in unrealized profits, indicating a maturing market with compressed price increase potential. Together, these changes suggest Bitcoin may be entering a new era, less defined by parabolic peaks and more by gradual growth driven by institutional forces.
One Year After Bitcoin Halving: A Cycle Unlike Any Other
(The rest of the translation follows the same professional and accurate approach, maintaining the original meaning while translating to English)However, if the peak MVRV trend continues, this could consolidate the idea that Bitcoin is transitioning from strong price surges, cyclically to a more structured and stable growth model.
The largest profits may have already passed, especially for late cycle participants.
