As we get closer to the 2024 halving, Bitcoin is not just surviving; it's evolving. Following the landmark approval of spot Bitcoin ETFs in the United States and changing flows, the very structure of Bitcoin's market is evolving. In this piece, we'll dive into the halving—what it is, why it matters, and its historical impact on Bitcoin's performance. Then, we'll examine Bitcoin’s current landscape, and why it looks so much different than just a year ago.