Bitcoin's traditional four-year halving cycle is undergoing significant changes due to the influence of ETFs and institutional liquidity. The 2024 halving, which occurred alongside the approval of U.S. spot Bitcoin ETFs in January 2024, has led to a projected $54.75 billion in net inflows by mid-2025. This influx has reduced Bitcoin's volatility by 55% and shifted trading activity, with 57.3% now occurring during U.S. market hours. Institutional participation has increased centralization, with 5.7% of Bitcoin now held in ETFs, raising concerns about systemic risk. Unlike previous cycles, the 2024 halving has resulted in a more stable price trajectory, with Bitcoin maintaining a price above $110,000 for 18 months. Analysts indicate that macroeconomic factors and liquidity are now more influential in price discovery than traditional supply-side mechanics.