Bitcoin’s strongest rally of 2024 occurred before April’s halving event, adding weight to the argument that global liquidity—not programmed supply cuts—remains the primary force behind Bitcoin’s major bull cycles. Analyst Shanaka Anslem Perera says 16 years of market data show no statistical evidence that halvings trigger rallies, while liquidity expansions consistently align with Bitcoin’s biggest price surges.

On Wednesday, SpaceX moved more than $94 million in Bitcoin across two transactions, extending a roughly two‑month pattern of nearly $100 million in weekly BTC transfers. The company holds 8,285 BTC valued at about $770 million. It is reportedly preparing a 2026 IPO that could raise over $30 billion at a potential $1.5 trillion valuation. Analysts are tracking the on‑chain shifts, while SpaceX has not explained the purpose or tied them to listing plans.

Ark Invest CEO Cathie Wood said on Tuesday that rising institutional participation is reshaping how Bitcoin trades and weakening its traditional four‑year halving cycle, in an interview with Fox Business. She argued that the historic 75%–90% crashes are becoming less likely as large institutions accumulate and hold Bitcoin. Wood cast Bitcoin as a risk‑on asset in contrast to gold’s risk‑off role. Ark has been increasing its crypto exposure through Coinbase, Circle, and the ARK 21Shares Bitcoin ETF (ARKB).

In a Schwab Network interview, CEO Fong Lee said selling the company’s Bitcoin remains an option while emphasizing that dividends come first. He said that even if Bitcoin’s price fell 50%, holdings could fund dividends through about 2065. Lee maintained that Bitcoin is central to Strategy’s long-term plan. He also criticized MSCI’s proposed index exclusions.

On 11 December 2025 at 05:55, Cathie Wood said Bitcoin no longer follows its traditional four-year cycle. She attributed the change to expanding institutional ownership that has muted extreme volatility. She believes the recent low is already in, suggesting a shift toward a more mature market profile.

Bitcoin failed to extend gains above $94,000, reversing from the $94,500 area. On the BTC/USD hourly chart (Kraken), price broke the rising trend line near $91,600 and fell below $92,000 and the 100-hour SMA, putting $89,500 support at risk. Key resistance is now clustered at $91,200–$92,000. The MACD is bearish and the RSI is below 50.

Analysts say two Bitcoin wallets tied to Silk Road-era activity moved 3,421 BTC in May 2025. On-chain data indicates the funds were consolidated into new SegWit custody rather than sent to exchanges. On Dec. 10, more than 300 Silk Road-labeled wallets carried out over $3 million in additional consolidation. The pattern points to housekeeping moves that differ from past U.S. government transfers routed to Coinbase Prime.

Filed on December 9, the Nicholas Bitcoin and Treasuries AfterDark ETF would trade only between the U.S. market close and the next day’s open. The fund would avoid spot Bitcoin and allocate at least 80% of its assets to futures, ETFs, ETPs and options. A backtest using a night‑only strategy on the iShares Bitcoin Trust ETF (IBIT) since January 2024 showed a 222% gain, compared with a 40.5% loss during daytime sessions, according to Bespoke Investment Group.