Is crypto setting up for a 2024 repeat cycle?

Back then, crypto saw a powerful risk-on phase, with total market cap climbing to $3.7 trillion, while Bitcoin gained more than 120% and broke above $100,000 for the first time.

The catalyst appeared to be a powerful combination: Spot Bitcoin ETFs opened the floodgates for institutional demand right when the post-halving supply squeeze was starting to build.

For context, the April 2024 halving cut Bitcoin’s block reward from 6.25 $BTC to 3.125 $BTC, reducing supply creation.

However, that squeeze does not appear to be translating into the same sort of momentum as the previous cycle thus far, with the price struggling through 2025 and extending into 2026. So, what will provide the…