@frebus
Post-2024 halving, BTC’s structural supply shock is smaller than in previous cycles, raising questions about its vulnerability to macro policy. With ETFs absorbing much of the new supply, price action depends more on liquidity conditions, interest rates, and policy shifts. In 2025, Bitcoin may be more exposed to macro volatility than ever. Halving remains symbolically powerful but less mechanically dominant. Investors should expect BTC to trade increasingly like a macro asset, with central bank decisions and dollar liquidity shaping outcomes more than miner-driven supply dynamics.
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