Yesterday I read one article where Saylor argues that the recurring boom-bust pattern tied to halving events (which reduce miner rewards every 4 years) no longer drives price action of BTC as it did in previous cycles. He is of the opinion that Bitcoin price direction will depend more on institutional money inflows, bank credit, digital credit systems and broader financial adoption than on miner reward cuts alone.
Reasons why less people buying now may be due to these reasons:-
1. high interest rates (Fed expected to hold or cut slowly) make Bitcoin behave like a risk asset rather than a safe haven.
2. geopolitical tensions (U.S.-Iran conflict), tariffs, and broader equity market weakness (Wall Street’s worst quarter since 2022) has induced fear in investors for volatile assets like btc
3. ongoing bearish run and global uncertainty
however some big money is quietly accumulating but most participants lack the conviction to buy aggressively at current levels.