The halving is a major event for Bitcoin and its miners, as it cuts mining rewards in half. It occurs approximately every four years, or every 210 000 blocks. Today, there are roughly 76 000 blocks left until the next halving. With an average of 144 blocks mined per day, that leaves around 527 days until the next halving, sometime in April 2028. BTC has tended to perform well after each halving, although during the latest cycle, it reached a new all-time high before the halving itself. If we compare BTC’s performance between halvings, we can see that the returns have gradually declined : Before the 1st halving : 201.2x 2nd halving : 54.1x 3rd halving : 13.3x 4th halving : 7.4x 5th halving to date : 1.2x The return for this latest halving still seems very modest, but as mentioned, bitcoin:native still has 527 days to do better... Chart Link :

The market has gone very quiet in terms of realized profit and loss. On a 24h sum basis, net realized PnL is estimated at +$118 million, meaning there has been almost no movement from investors. Note that the October 22 spike is largely due to a UTXO consolidation. Setting it aside, even though profits have dominated this October, they remain fairly modest, as if all participants, and particularly sellers, were now waiting for Bitcoin to give the direction. Chart Link :

Since the failure of BIP-110, the cumulative size of OP_RETURN transactions over 30 days has just hit an all-time high on bitcoin:native Despite this attempted restriction, usage of inscriptions isn't slowing down, it's being exploited like never before. Data inscription on the Bitcoin blockchain isn't going away anytime soon and proves that Bitcoin is not just a technology dedicated solely to financial transactions. Chart Link :

Bitcoin's velocity has intensified significantly during this bear market. It has been higher than at any of Bitcoin's tops since 2023. This indicator is a way to observe network activity by comparing annual transfer volume to market cap, and thereby investor activity as well. It's quite interesting to see that Bitcoin's velocity is higher during capitulation episodes than at ATHs. Chart Link :

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This continuously rising line is the reason Bitcoin follows the same trend. This is the HODLer line, derived from the thinking behind Cointime Economics (hello @_Checkmatey_ and @dpuellARK ) This metric is based on the calculation of cumulative coinblocks created minus cumulative coinblocks destroyed. A coinblock is one Bitcoin held for one block. Coinblocks Stored therefore shows that Bitcoin's holding time is accumulating faster than the time consumed by spending. It now stands above 5.15T coinblocks, and the trend isn't changing. HODL 🙌💎 Chart Link :

Bitcoin network activity has never been stronger. This September marks a peak in average transactions per block, with 4,779 transactions (monthly average). At 3,823 transactions on an annual average, this is also an all-time high for Bitcoin.

Bitcoin is about to close its 5th day above the STH cost basis, currently estimated at around $72 300. In this case, it's the invested capital cost basis, which helps smooth things out a bit more and gives a more precise read on the average price of capital injected by STH. ➤ This is a very positive trend, putting STH capital into roughly 11% profit. The longer this continues, the more inclined STH will be to hold their position, hoping to see Bitcoin kick off a new bullish phase. Dips have now shifted from panic selling to buying the dip, and the STH cost basis has become an interesting support level again to watch when adjusting one's strategy.

Bitcoin has already returned to the median zone after leaving the rarest price distribution zones, namely the percentiles between P0.5 and P2. Every bear market has been an opportunity to accumulate bitcoin:native at a statistically rare price. These periods don't last long relative to Bitcoin's historical trajectory, which is precisely what makes them ideal windows for long-term accumulation. Now we'll start watching for the opposite scenario: periods of overvaluation.