Bitcoin’s current rally comes as two bullish narratives converge: In less than eight weeks, the halving will cut new supply in half, meanwhile spot funds already gobble up coins faster than they’re mined.

Newly-found demand from spot ETFs aside, halvings are generally viewed as catalysts for tremendous growth for bitcoin’s price. 

But over the past two cycles, it’s crypto, not bitcoin, which has benefitted the most. Starting from one year before each previous halving, bitcoin peaked at:

50,000% one year after the 2012 halving.
8,500% nearly one and a half years after the 2016 halving.
1,000% one and a half years after the 2020 halving.

(For the fractal-minded, interestingly…

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