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The biggest difference between the 2020 halving and the 2024 halving is skyrocketing institutional demand. Prior to the previous halving, institutions were on the sidelines. The market was dominated by retail investors. Since then, the market dynamic has drastically shifted. As one example, MicroStrategy didn’t make its first BTC purchase until August 2020. As of April 2024, the company reportedly holds 214, 246 BTC (roughly $13.625 billion). Of the 21 million bitcoins that will ever exist, around 12.27% currently belong to publicly traded and private companies, ETFs and countries.