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The Bitcoin halving could be a bullish development, as halving events have historically been followed by bullish markets reaching all-time highs. However, Grayscale notes that attributing these rallies solely to declining Bitcoin supply inflation may be oversimplifying history.

From a macro level, the rise in Bitcoin prices is often related to the macroeconomic environment, and these periods overlap with the Bitcoin halving period. For example, the financial stimulus measures taken during the new crown epidemic also played a role in Bitcoin's prosperity. For Bitcoin miners, halving events tend to weed out less efficient players who cannot afford half of the Bitcoin rewards. But at the same time, inscriptions drive Bitcoin network activity, transaction fees, and miner revenue, inspiring new innovations that solve scalability issues.