Pierre Rochard Declares Bitcoin's Four-Year Cycles Are Over

Halving's Diminishing Impact

With approximately 95% of the total Bitcoin supply already in circulation, Rochard contends that the daily issuance of new coins from mining has become a negligible factor. Unlike in previous cycles where the halving event drastically reduced new supply and spurred price rallies, the current market is not as sensitive to these changes. He further notes that the primary source of new coins being sold is now from "O.G. whales" rather than miners, making the price more susceptible to the personal decisions of these large holders.

Shift in Demand: From Retail to Institutional

Another key factor in the changing market dynamics, according to Rochard, is the shift in demand. The market is no longer dominated by speculative retail traders. Instead, demand is now primarily driven by institutional investors, such as those behind Bitcoin exchange-traded funds (ETFs) and corporate treasuries. This institutional-led demand creates a more mature and less cyclical market, moving away from the predictable four-year patterns of the past.