Bitcoin didn’t just wake up and choose violence. It chose velocity.
As BTC blasts through the six-figure ceiling and fiddles $120k with laser precision, everyone’s pointing to “the halving” like it’s some magical switch. But let's be real, Bitcoin bull runs don’t run on fairy dust and hope. They run on liquidity, macro dislocations, structural demand shifts, and a pinch of regulatory chaos.
Here’s the nerdy breakdown of what’s really driving the Bitcoin Rocketship (and why this one’s different):
1. The Halving Effect (Not Just the Halving)
Yes, the April 2024 halving slashed miner rewards from 6.25 to 3.125 BTC. But this time, the reflexivity is louder. Miners now have to sell less, and buyers (especially ETFs) have to beg for more.
Miners = Reduced Sell Pressure.
ETFs = Constant Buy Pressure.
That’s a one-way order book squeeze. Simple math, but powerful dynamics.
2. ETF Flows: The "Spot" That Launched a Thousand Rallies
When the SEC finally gave the green light to Bitcoin spot ETFs, TradFi didn’t walk in—they stormed in.
Think BlackRock, Fidelity, and friends becoming daily buyers. It's not retail FOMO anymore, it's Wall Street with billions in dry powder doing dollar-cost averaging with institutional consistency.
🧠 Nerd Note: The top 5 U.S. spot ETFs alone are now hoarding more BTC than MicroStrategy.
3. Dollar Liquidity is Leaking Again
Despite Fed jawboning, real rates are still under pressure and global liquidity is quietly creeping back. Look at the TGA drawdowns, reverse repo usage, and China’s stealth QE.
Bitcoin, being the apex predator of liquidity, smells it from a mile away.
“In a world flooded with fiat, Bitcoin doesn’t float. It flies.”
4. Sovereigns Are Quietly Watching
El Salvador lit the match. Now, Argentina, Turkey, and even Gulf countries are tiptoeing toward a Bitcoin pivot, hedging USD exposure without broadcasting it to CNN.
Central banks don’t need to love BTC to stack it. They just need to fear the dollar system enough.
5. Scarcity Narrative Goes 3D
With 99% of BTC supply already mined and over 70% HODLed for over 6 months, every new buyer is bidding for a smaller slice of the pie. ETFs and institutions are trying to drink from a faucet that only drips.
This is not a market with elastic supply. This is financial physics with a scarcity twist.
6. Market Microstructure is Fragile AF
Order books are thin. Real liquidity is fragmented. And the sell-side has PTSD from getting blown out at $70k.
This creates a “skateboard-on-a-freeway” scenario, when a few billion in inflows hit, prices don’t just rise. They gap.
Nerdy Bonus: The Memecoin Effect (No, Really)
The memecoin mania on Solana, Base, and Ethereum has been injecting dopamine into degens—and their profits are increasingly flowing into the OG digital gold.
It’s the 2021 cycle all over again, just with more liquidity bridges and fewer inhibitions.
Nerdy Insight: The Bull Run Has Layers
What’s driving BTC to $120,000 isn’t a single headline. It’s a stacked convergence of macro, structure, psychology, and coded scarcity.
Bitcoin isn’t “going up” just because of hope or halving hype. It’s going up because it’s the cleanest asset in a dirty system, and now both retail and institutions agree.
Still shorting? That’s not “fading the crowd.” That’s fighting thermodynamics.
Stay nerdy, stay sharp.
put together by : currencynerd as Pako Phutietsile
As BTC blasts through the six-figure ceiling and fiddles $120k with laser precision, everyone’s pointing to “the halving” like it’s some magical switch. But let's be real, Bitcoin bull runs don’t run on fairy dust and hope. They run on liquidity, macro dislocations, structural demand shifts, and a pinch of regulatory chaos.
Here’s the nerdy breakdown of what’s really driving the Bitcoin Rocketship (and why this one’s different):
1. The Halving Effect (Not Just the Halving)
Yes, the April 2024 halving slashed miner rewards from 6.25 to 3.125 BTC. But this time, the reflexivity is louder. Miners now have to sell less, and buyers (especially ETFs) have to beg for more.
Miners = Reduced Sell Pressure.
ETFs = Constant Buy Pressure.
That’s a one-way order book squeeze. Simple math, but powerful dynamics.
2. ETF Flows: The "Spot" That Launched a Thousand Rallies
When the SEC finally gave the green light to Bitcoin spot ETFs, TradFi didn’t walk in—they stormed in.
Think BlackRock, Fidelity, and friends becoming daily buyers. It's not retail FOMO anymore, it's Wall Street with billions in dry powder doing dollar-cost averaging with institutional consistency.
🧠 Nerd Note: The top 5 U.S. spot ETFs alone are now hoarding more BTC than MicroStrategy.
3. Dollar Liquidity is Leaking Again
Despite Fed jawboning, real rates are still under pressure and global liquidity is quietly creeping back. Look at the TGA drawdowns, reverse repo usage, and China’s stealth QE.
Bitcoin, being the apex predator of liquidity, smells it from a mile away.
“In a world flooded with fiat, Bitcoin doesn’t float. It flies.”
4. Sovereigns Are Quietly Watching
El Salvador lit the match. Now, Argentina, Turkey, and even Gulf countries are tiptoeing toward a Bitcoin pivot, hedging USD exposure without broadcasting it to CNN.
Central banks don’t need to love BTC to stack it. They just need to fear the dollar system enough.
5. Scarcity Narrative Goes 3D
With 99% of BTC supply already mined and over 70% HODLed for over 6 months, every new buyer is bidding for a smaller slice of the pie. ETFs and institutions are trying to drink from a faucet that only drips.
This is not a market with elastic supply. This is financial physics with a scarcity twist.
6. Market Microstructure is Fragile AF
Order books are thin. Real liquidity is fragmented. And the sell-side has PTSD from getting blown out at $70k.
This creates a “skateboard-on-a-freeway” scenario, when a few billion in inflows hit, prices don’t just rise. They gap.
Nerdy Bonus: The Memecoin Effect (No, Really)
The memecoin mania on Solana, Base, and Ethereum has been injecting dopamine into degens—and their profits are increasingly flowing into the OG digital gold.
It’s the 2021 cycle all over again, just with more liquidity bridges and fewer inhibitions.
Nerdy Insight: The Bull Run Has Layers
What’s driving BTC to $120,000 isn’t a single headline. It’s a stacked convergence of macro, structure, psychology, and coded scarcity.
Bitcoin isn’t “going up” just because of hope or halving hype. It’s going up because it’s the cleanest asset in a dirty system, and now both retail and institutions agree.
Still shorting? That’s not “fading the crowd.” That’s fighting thermodynamics.
Stay nerdy, stay sharp.
put together by : currencynerd as Pako Phutietsile
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.