“Four-year halving is dead”—this phrase is being validated by $80K ’s price action

A post on Gate Square put it bluntly: At the Bitcoin 2026 conference in Las Vegas, 40,000 people gathered to hold a funeral for the “four-year halving cycle.”

The data supports this view. Spot ETFs listed in the U.S. currently hold more than 800,000 BTC, while the institutional holdings share has surged from 10% to 25%, meaning pricing power has already changed hands. The supply contraction brought by the halving is almost negligible compared with institutions’ rigid daily purchases worth hundreds of millions of dollars.

Even more noteworthy is the change in volatility. BTC’s dramatic rallies and crashes in the past came from leverage-driven sentiment cycles, whereas now the Federal Reserve’s interest-rate policy has replaced block rewards as the core variable driving the market. Bitcoin’s price action has begun to track U.S. stocks—with its center of gravity continuing to rise, trading ranges gradually narrowing, and lows steadily moving higher.

What does this mean? The extinction-level bear markets featuring “frequent 80% crashes” are becoming systematically less likely. Replacing them is a choppy, slow bull-market structure—occasional 20% pullbacks are institutions handing long-term holders tickets to get aboard.

$80K ’s reclaiming of support, under this new framework, is not merely a technical rebound, but a price anchor in BTC’s transformation from a “niche speculative asset” into an “institutional allocation asset.”

🎯 Next target: $120K (Pierre Rochard’s target for next year)#BTC重回80K #Gate广场中秋团圆局