The fourth Bitcoin Halving has taken place, reducing Bitcoin's annualized inflation rate by 50% and surpassing Gold in issuance scarcity. Despite a 50% reduction in revenue for miners, investor profitability has been boosted by a rising spot price and a decisive all-time high break. The Bitcoin supply curve remains deterministic due to the Difficulty Adjustment protocol, ensuring the average block interval stays at around 600 seconds. With the fourth Halving, 93.75% of the terminal supply of 21M BTC has been mined, leaving only 1,312,500 BTC to be issued over the next 126 years. Bitcoin's new annualized inflation rate is 0.85%, down from 1.7% in the prior epoch, making it scarcer than Gold. Despite the halving's impact, the volume of newly minted coins remains small compared to the global trade volume within the Bitcoin ecosystem. The impact of Bitcoin halvings on the available traded supply is diminishing across cycles due to the reduction in mined coins and the growth of the asset and ecosystem.