Block reward halves from 6.25 BTC to 3.125 BTC at block 840,000 on April 20, 2024. The first halving after spot ETF approval, with institutional demand from BlackRock, Fidelity, and others meeting reduced supply issuance. Bitcoin was trading around $64,000. Daily new BTC issuance dropped to approximately 450 coins per day -- while spot ETFs were frequently buying multiples of that amount. Bitcoin's annual inflation rate fell to roughly 0.9%, lower than gold's estimated 1.5-2% annual supply increase.
Bitcoin Wiki: Controlled supply