Bitcoin’s 2024 halving historically sparks bull runs, but by May 2025, at $94,450, the effect seems muted. Past cycles saw 300% gains post-halving; this time, BTC rose 50% since April 2024. Institutional inflows (1.5M BTC in ETFs) may have priced in the event early. The market’s rhythm, a slow waltz, lacks the frenzy of 2020. On-chain data shows 60% of BTC unmoved since 2022, a sign of HODLing, not euphoria. A mid-2025 peak near $135,000 remains possible, but the halving’s spark, once a wildfire, now smolders. Investors await a delayed blaze, a shadowed promise in a cautious market.