Michael Saylor Says Institutional Flows, Not Halving Cycles, Drive Bitcoin on July 5

According to Michael Saylor, Executive Chairman of Strategy Inc., on July 5, the bitcoin four-year halving cycle is no longer the dominant model driving the cryptocurrency's market behavior. In an essay posted on X, Saylor argued that institutional demand has replaced retail cycles as the primary adoption driver.

Saylor pointed to ETF inflows, corporate treasury accumulation, sovereign reserves, bank credit and derivatives as the new growth channels replacing miner issuance-driven patterns. He stated that bitcoin is now too institutional and integrated into capital markets for the traditional halving framework to hold, with capital flows rather than supply shocks expected to shape bitcoin's trajectory over the next decade.