Bitcoin set a new all-time high at $73,700 on March 13, 2024, before stabilising around $70,200. This is the first time in Bitcoin history that a new peak was reached before the halving. Why this cycle is structurally different In previous cycles, Bitcoin reached its ATH approximately 12 to 18 months after the halving. This time, the record was set 4 weeks before. The primary explanation: spot ETFs created continuous institutional demand that did not exist previously. On-chain market state The MVRV ratio reached 2.8 according to Glassnode — historically in the overextension zone but not yet at cycle peaks (MVRV > 3.5 in 2017 and 2021). What this data does not tell us An MVRV of 2.8 is not an automatic sell signal. In the 2020-2021 cycle, this level was crossed in November 2020 and the market continued until April 2021 (+120%).