Bitcoin Keeps Breaking Records, But Each Halving Cycle Delivers Smaller Gains

Post-halving returns fall, yet business like Strategy keep building up Bitcoin, while miners enhance network security.

Bitcoin’s (BTC) historic rate trajectory highlights a clear pattern. While the property has actually regularly reached brand-new highs after each halving, the gains have actually decreased.

Brand-new research study exposed that “the degree of post-halving rate gains has actually compressed over time given that the 2nd halving.”

Returns Are Shrinking Fast

Halvings, which decrease the rate of brand-new Bitcoin getting in blood circulation, have actually slashed block benefits by 87.5% because 2012– from 25 BTC to the present 3.125 BTC. This has actually sustained deficiency stories that have actually long supported upward rate momentum. Over this duration, Bitcoin’s worth has actually risen more than 9,110-fold, striking $109,000 on September 1, 2025. A month later on, the crypto possession has actually increased above $120,000.

Regardless of this, CoinGecko specified that the magnitude of returns post-halving has actually subsided. The 2nd halving cycle in 2017 provided peak gains of 29x, the 2021 cycle dropped to 6.7 x, and the current run in 2025 has actually seen a relatively modest 93.1% boost.

Remarkably, the cycle’s rhythm altered when Bitcoin published a record $73,400 in March 2024– months before the 4th halving -difficult historic expectations. Market activity has actually blown up, as evidenced by day-to-day trading volumes rising from around $20 million in 2013 to almost $30 billion in 2025.

This has actually not prevented openly noted business from significantly embracing Bitcoin as a treasury possession. Since October 3rd, 1,040,061 BTC was held by practically 200 listed companies, which is nearly 5% of the overall BTC supply. Technique leads with 640,031 BTC. According to information put together by Bitcoin Treasuries, this represents 63.2% of all corporate-held Bitcoin, and included another 4,048 BTC on September 2.

A number of brand-new business are making considerable relocations into Bitcoin. Twenty One, backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, has actually bought 43,514 BTC considering that May. It has now end up being the third-largest business holder. US-based health care company KindlyMD broadened its holdings through a merger with Nakamoto BTC Holdings, and included 5,765 BTC. It had actually likewise revealed strategies to raise $5 billion for treasury development.

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Worldwide, companies like MetaPlanet in Japan and Treasury BV in Europe are developing large Bitcoin treasuries, with Treasury BV raising $147 million to get more than 1,000 BTC.

Bitcoin’s Backbone Strengthens

While institutional holdings climb, the network itself has actually seen exceptional growth in computational power. The Bitcoin network’s mining hash rate has actually been on a constant upward trajectory, as involvement from both specific miners and institutional gamers has actually kept growing. Over the previous year alone, the hash rate rose 88%, from 670 million TH/s to 1.266 ZH/s.

Under the Trump administration, the United States mining environment has actually broadened, helped in part by the moving of Chinese mining hardware makers such as Bitmain, Canaan, and MicroBT to the United States, stimulated by tariffs and regulative pressures.

Domestic companies consisting of HIVE, Hut 8, Marathon, and CleanSpark are significantly focusing on alternative energy sources for brand-new centers. Contributing to the momentum, Eric Trump just recently co-founded American Bitcoin Corp, which debuted on the Nasdaq.