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The halving cycle is losing its effect, and BTC pricing power is shifting from miners to Wall Street capital. Today, the US stock market is closed all day. The theory of a four-year halving mega-cycle has been circulating for a long time, but now this underlying logic is gradually weakening. As Bitcoin continues to be produced, the proportion of newly mined tokens released annually relative to the circulating supply keeps decreasing. After the next halving, the proportion of new supply will dro