The Bitcoin network has officially passed the halfway point of its current halving cycle, according to data from mempool.space.
With 50.01% of the current epoch completed, the network is now moving toward the next halving event, which is expected to occur on April 12, 2028.
This current period, labeled as 'epoch 5,' began in April 2024. The network continues to reduce the block subsidy to 3.125 BTC per block, maintaining an inflation rate of less than 1%.
Diminishing returns and market maturity
Bitcoin's price performance since the April 2024 halving has been more muted than in previous cycles. The cryptocurrency has gained approximately 15% since the halving, moving from roughly $64,000 to just under $75,000.
Glassnode data shows that these post-halving gains are lagging behind those seen in earlier cycles. This trend highlights a pattern of diminishing returns as the market cap expands.
Analysts suggest this slower price action reflects Bitcoin's shift toward a more mature asset. Increased adoption and a larger market cap require significantly more capital to drive the massive volatility seen in earlier years.
As the supply moves toward the fixed 21 million coin cap, the network's scarcity remains predictable. The network recently hit a milestone with the 20 millionth Bitcoin mined, leaving only one million coins to be issued over the next 114 years.
Daily issuance currently sits at approximately 450 BTC. This rate is maintained via difficulty adjustments every 2,016 blocks to ensure a consistent 10-minute block interval.
Market volatility dynamics are also shifting. Approximately $200 million in short positions face liquidation if Bitcoin price crosses the $75,500 threshold, which could potentially accelerate a breakout.
