Bitcoin Post-Halving Cycle: State of Mid-2026

As of mid-2026, the Bitcoin market is navigating a post-halving environment characterized by constrained on-chain supply, significant institutional demand via ETFs, and stressed miner economics. While historical halving cycles suggested a strong appreciation 12-18 months post-event, the current cycle has diverged, exhibiting an earlier all-time high and weaker initial post-halving price performance, primarily influenced by macro liquidity and the dominant role of spot Bitcoin ETFs.