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Bitcoin's third halving occurred on May 11, 2020, at block number 630,000. The block reward was reduced from 12.5 BTC to 6.25 BTC.
The final block mined by F2Pool contained a message referencing the Fed's $2.3 trillion intervention. This symbolic record reinforced the limited supply narrative.
On halving day, the total circulating supply reached 18,375,000 BTC. The closing price was approximately $8,605.
Daily on-chain volume increased from $2.99 billion to $3.29 billion during the halving week. Network activity increased despite the reward reduction.
Institutional interest gained momentum during the same period, with a leading hedge fund manager announcing the addition of Bitcoin to its portfolio. This move positioned the digital asset as an inflation hedge.
Supply inflation decreased from approximately 3.6% annually to 1.8%. Over the following 18 months, the price rose to $69,000, setting a new high.
The third halving was the third step in Bitcoin's quasi-scarce mechanism, programmed every four years. This structure continues to form the basis of the long-term adoption and value store thesis.
$BTC #BitcoinVolatility
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