Everyone and their dog is familiar with the bitcoin halvening by now. Every 4 years the issuance of new bitcoin is halved. This then triggers a supply shock, which when coupled with steady demand, drives up the market value of bitcoin.
The Ethereum network underwent a transition in its consensus algorithm from PoW to PoS in Sep 2022. This led to something dubbed the "Triple Halvening" - in which eth issuance is reduced by 90% - equivalent to 3 BTC halvenings. Let's not forget this gem lol
Theoretically this would have led to the market value of eth going parabolic. Any dramatic reduction in issuance of any currency is sure to increase the scarcity and thus the value of the asset, as long as demand remains relatively stable. But that remains to be seen.
What happened? Different global macroeconomic environment (that somehow the BTC halvenings are impervious to)? Some variable I'm missing? Theory was wrong? Just curious!
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