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Bitcoin Halving 2028 Is Now 50% Complete

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Bitcoin Halving 2028 Is Now 50% Complete

The countdown to Bitcoin’s next halving has reached its midpoint. Approximately 105,000 blocks remain before block rewards are cut in half again.

The Bitcoin network is now halfway through the current halving cycle that began in April 2024. When the network reaches block 1,050,000, estimated for April 2028, the block reward will drop from 3.125 BTC to 1.5625 BTC per block.

What the Bitcoin Halving Milestone Means for Supply

Each halving reduces the rate at which new Bitcoin enters circulation. Currently, miners produce approximately 450 BTC per day. After the 2028 halving, daily issuance will drop to roughly 225 BTC.

The halving mechanism is hardcoded into Bitcoin’s protocol and occurs every 210,000 blocks, approximately every four years. This predictable supply schedule is central to Bitcoin’s value proposition as a scarce digital asset.

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With approximately 19.7 million Bitcoin already mined out of the maximum 21 million supply, halvings become increasingly significant for the remaining issuance. More than 98% of all Bitcoin will be mined by 2030.

Bitcoin Halving Countdown, Source: Spark Money

Historical Bitcoin Halving Price Performance

Previous halvings have preceded significant price increases, though the magnitude of gains has diminished with each cycle. The pattern has made halving events closely watched by investors.

The first halving in November 2012 reduced rewards from 50 BTC to 25 BTC. The second halving in July 2016 cut rewards to 12.5 BTC. The third halving in May 2020 reduced rewards to 6.25 BTC. The most recent halving in April 2024 brought rewards down to the current 3.125 BTC.

In each case, Bitcoin’s largest price moves occurred 12 to 18 months after the halving event. However, past performance does not guarantee future results, and market conditions vary significantly between cycles.

This Cycle Is Different Due to ETF Demand

The 2024 to 2028 halving cycle differs fundamentally from previous cycles. Spot Bitcoin ETFs in the United States now hold over 1.3 million BTC, worth approximately $92 billion at current prices.

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This institutional demand creates a structural floor that did not exist in prior cycles. ETF investors tend to be longer term holders, including financial advisors, pension funds, and family offices building portfolio allocations.

Meanwhile, Strategy continues accumulating Bitcoin at a pace that exceeds new mining supply. The company now holds over 780,000 BTC and absorbs more Bitcoin monthly than miners produce.

The combination of reduced new supply and sustained institutional demand could amplify the supply and demand dynamics that have historically driven post halving price appreciation.

Two Years Until the Next Bitcoin Halving

With the countdown now at 50%, approximately two years remain until the fifth Bitcoin halving. The exact date continues to shift based on mining difficulty and network hashrate changes.

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Current estimates place the halving in April 2028, though projections range from March to May depending on the data source. The network targets a 10 minute block time on average, but actual block times vary.

For miners, the approaching halving means another reduction in revenue per block. Mining operations must continue optimizing costs through more efficient hardware and cheaper electricity to remain profitable after the reward cut.

The halving countdown serves as a reminder of Bitcoin’s fixed monetary policy. Unlike fiat currencies where central banks can adjust supply at will, Bitcoin’s issuance schedule is transparent and unchangeable.

The post Bitcoin Halving 2028 Is Now 50% Complete appeared first on BeInCrypto.

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Crypto World

Aave’s TVL Falls $8B After $293M Kelp DAO Hack

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Aave’s TVL Falls $8B After $293M Kelp DAO Hack

Total value locked on decentralized lending protocol Aave dropped by nearly $8 billion over the weekend after hackers behind the $293 million Kelp DAO exploit borrowed funds on Aave, leaving roughly $195 million in “bad debt” on the protocol and triggering withdrawals.

Data from DeFiLlama shows that Aave’s TVL fell from about $26.4 billion to $18.6 billion by Sunday, losing the top spot as the largest DeFi protocol. 

Aave v3’s lending pools for USDt (USDT) and USDC (USDC) are now at 100% utilization, meaning that more than $5.1 billion worth of stablecoins cannot be withdrawn until new liquidity arrives or borrows are repaid. 

$2,540 is available to be withdrawn from the $2.87 billion USDT pool on Aave v3 at the time of writing. Source: Aave

Aave’s TVL fall shows how rapidly risk from a single security incident can spread throughout the broader, interconnected DeFi lending market, potentially leading to a severe liquidity crisis.

The incident began on Saturday when hackers stole 116,500 Kelp DAO Restaked ETH (rsETH) tokens worth about $293 million from Kelp DAO’s LayerZero-powered bridge and used them as collateral on Aave v3 to borrow wrapped Ether (wETH).

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Crypto analytics platform Lookonchain said the move created about $195 million in “bad debt” on Aave, which contributed to the Aave (AAVE) token tanking nearly 20% from $112 on Saturday at 6:00 pm UTC to $89.5 about 25 hours later. 

Lookonchain noted that some of the largest crypto whales to withdraw funds from Aave were the MEXC crypto exchange and Abraxas Capital at $431 million and $392 million, respectively.

Source: Grvt

Several crypto networks and protocols tied to rsETH or the LayerZero bridge have paused use of the bridge until the problem is resolved, including DeFi platform Curve Finance, stablecoin issuer Ethena and BitGo’s Wrapped Bitcoin (WBTC).

Aave has frozen several rsETH, wETH markets

Shortly after the Kelp DAO exploit, Aave said it froze the rsETH markets on both Aave v3 and v4 to prevent any suspicious borrowing and later stated that rsETH on Ethereum mainnet remains fully backed by underlying assets.

WETH reserves also remain frozen on Ethereum, Arbitrum, Base, Mantle and Linea, Aave said.

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This incident marks the first significant stress test of Aave’s “Umbrella” security model, which was introduced in June 2025 to provide automated protection against protocol bad debt while enabling users to earn rewards.

Related: Aave DAO backs V4 mainnet plan in near-unanimous vote

Earlier this month, the Bank of Canada found that Aave avoided bad debt in its v3 market by using overcollateralization, automated liquidations and other strategies that shifted risk to borrowers.

In comments to Cointelegraph, Aave defended its liquidation-based model, framing it as a core safety mechanism that protects lenders while limiting downside for borrowers.

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It comes as Aave parted ways with its longest-standing DeFi risk service provider, Chaos Labs, on April 6, following disagreements over the direction of Aave v4 and budget constraints.

Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?