According to the source, BTC is up 7.6x since 2020, highlighting multi-year strength that traders contextualize with cycle data. Source: the source. For reference, BTC opened 2020 near $7,200, closed 2020 around $28,900, and set an all-time high near $73,737 in March 2024. Source: CoinMarketCap historical data. The 2022 bear market low was near $15,500 in November 2022, a drawdown of roughly 77% from the November 2021 peak near $69,000. Source: CoinMarketCap historical data. Bitcoin’s April 20, 2024 halving reduced the block subsidy from 6.25 BTC to 3.125 BTC, tightening new issuance relative to prior cycles. Source: Bitcoin.org and Bitcoin Wiki. Taken together, the data show strong long-run appreciation alongside deep interim drawdowns, a profile traders use to frame position sizing and risk across cycles. Source: CoinMarketCap historical data and Bitcoin.org.

According to @caprioleio, Bitcoin ETFs have resumed buying more than the daily BTC supply (source: @caprioleio). The daily Bitcoin supply is the new BTC issued via block rewards, approximately 450 BTC per day since the April 2024 halving reduced the subsidy to 3.125 BTC per block (source: Bitcoin.org).