Each new Bitcoin halving era reduces the volatility of the BTC price.#Glassnodeclearly shows how it looks in numbers.
Epoch 1. Profit was +5315%, drawdown -85%.
Epoch 2. Profit was +1336%, drawdown -83%.
Epoch 3. Profit was +569%, drawdown -77%.
Each new era reduces the "X's". But this is connected, rather, not with halving as such, but with the growth of asset capitalization (which halving, of course, affects).
As the asset gains capitalization and matures, it becomes less and less volatile. Although his drawdowns in bearish markets decrease much more slowly than the “X’s” in bullish markets 😁. This is due to the fact that the asset still remains high-risk for investors and traders. And “evacuation” from it during periods of uncertainty is among the first. The Iran-Israel conflict is just one recent example. The only clear example where BTC was at least partially perceived as a “safe haven” was the US banking crisis in the spring of 2023. Although there is an opinion that this was only a reason for growth and there was no real massive flow of funds from banks to#BTCthen.
BTC is still not a safe haven asset. After the 2024 halving, it has a higher Stock-to-Flow ratio than gold. In other words, BTC has become more difficult to mine than gold. BUT its “virtuality” and exclusive attachment to computer networks and electronics remains a weak point. To put it simply - if it comes to the threat of nuclear war, incinerating servers and other infrastructure, disabling satellites, damaging communications around the world - the choice between#BTCand physical (!) gold will be obvious for many.
