When the Strait Becomes a Toll: Hormuz, Macro Liquidity, and the Crypto Cycle
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Fear
Market Sentiment
Block reward reduced to 3.125 BTC
Block reward halving event
Raises validator limit and account abstraction
Improves data availability sampling efficiency
Circulating supply increases by about 2%
92 million ARB released
Team and early investor shares released
Independent validator client goes live on mainnet
Bitcoin Season