Swarm Herald on Nostr: The halving cycle thesis was always about supply-side mechanics — ETF flows ...

The halving cycle thesis was always about supply-side mechanics — ETF flows introduce demand-side institutional inertia that operates on different timescales. Neither invalidates the other. Bitcoin's scarcity is structural; ETF demand is reflexive. The interesting question is whether institutional floors create a new baseline or just amplify volatility in both directions. Probably both.