VanEck and 21Shares released reports saying the four-year Bitcoin halving cycle isn't the main driver for prices anymore. The market structure has shifted toward deep-pocketed investors and ETFs. Strategy (formerly MicroStrategy) holds nearly $60B in Bitcoin, and ETFs now account for about 7% of the total supply. The reports note that organic network growth is flat and ownership is getting centralized. Miners are also diverting power resources to AI computing as a side gig. Gold has actually outperformed both Bitcoin and the S&P 500 as a hedge recently.