The strategy, known as the 500-day rule, is tied to Bitcoin's four-year halving cycle and has historically rewarded investors who bought the cryptocurrency roughly 500 days before a halving event and sold about 500 days afterward. The rule was popularized by crypto investment firm Pantera Capital in 2023 after studying Bitcoin's historical price cycles. "The timing may rhyme with previous cycles, but this is the first cycle where Wall Street is a dominant participant." Jason Fernandes, co-founder of AdLunam, argued that the explosive growth of U.S. spot Bitcoin ETFs has fundamentally changed how the market reacts to halvings. Following the 2024 halving, Bitcoin miners began producing roughly 450 BTC per day, equivalent to about $35 million to $40 million at current prices.