The historic price trends for Bitcoin (BTC) highlight a clear pattern. Assets are consistently rising to new highs with each halving, but profits are declining.
In fact, a new study reveals that “the extent of price increases after half-life has been shrinking over time since the second half-life.”
Revenues are shrinking rapidly
The halving of the new Bitcoin circulating proportion has reduced block rewards by 87.5% since 2012, from 25BTC to the current 3.125BTC. This has accelerated the narrative of rarity that has long supported the momentum of price rises. During this period, Bitcoin's value skyrocketed more than 9,110 times, reaching $109,000 on September 1, 2025. A month later, the cryptocurrency amounted to over $120,000.
Nevertheless, CoinGecko said the magnitude of the profit after the half-life has decreased. It achieved a 29-fold peak increase in its second half-life in 2017, but fell 6.7-fold in its half-life in 2021, and a relatively modest increase of 93.1% in its latest half-life in 2025.
Interestingly, when Bitcoin hit a record high of $73,400 in March 2024, a few months before its fourth half-life, the cycle changed and challenged historic predictions. Meanwhile, market activity is explosive, as can be seen from the sudden rise in daily trading volumes from around $20 million in 2013 to nearly $30 billion in 2025.
This does not prevent listed companies from adopting Bitcoin as their financial assets. As of October 3, approximately 200 listed companies had 1,040,061 BTC, which represents almost 5% of the total BTC supply. The strategy leads at 640,031 BTC. Data compiled by Bitcoin Treasuries shows that this amounts to 63.2% of all Bitcoin held by companies, adding another 4,048 BTC on September 2nd.
Several new companies are making big moves in Bitcoin. Supported by Tether, Bitfinex, Cantor Fitzgerald and SoftBank, Twenty One has purchased 43,514 BTC since May. He is now the third largest company owner. Meanwhile, US-based healthcare company KindlyMD has expanded its assets through a merger with Nakamoto BTC Holdings, adding 5,765 BTC. It also announced plans to raise $5 billion to expand its finances.
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Internationally, organizations such as Japan's Metaplanet and European Treasury BV have built large-scale Bitcoin treasury, with Treasury BV raising $147 million to acquire more than 1,000 BTC.
Bitcoin backbone is strengthened
While the assets held by institutional investors are increasing, the network's own computing power is expanding significantly. With the continued increase in participation from both individual miners and organizational players, the mining hash rates on the Bitcoin network are steadily rising. Over the past year alone, hash rates have skyrocketed 88% from 670 million TH/sec to 1.266 ZH/sec.
The US mining ecosystem expanded under the Trump administration, helping move Chinese mining hardware manufacturers such as Bitmain, Canaan and MicroBT to the United States, driven by tariffs and regulatory pressures.
Meanwhile, domestic companies such as HIVE, Hut 8, Marathon and CleanSpark are increasingly prioritizing alternative energy sources for new facilities. This momentum was further fuelled by Eric Trump's recent co-founding of American Bitcoin, a company listed on the Nasdaq.
