Crypto
What is bitcoin halving and when will the next one be?
Bitcoin is surging after a rollercoaster few months after Donald Trump’s speech at a major cryptocurrency summit.
Trump spoke at the Digital Asset Summit (DAS) in New York on Thursday and bitcoin, by far the largest cryptocurrency, recovered much of its losses from recent months.
Bitcoin went over $100,000 (£77,200) for the first time in December 2024 but has since crashed down to $79,000 (£61,000) amid wider fears of economic turmoil caused by the Trump administration.
But ahead of Trump’s speech, the currency climbed back up to $86,000 (£66,400).
Speaking via video link from the White House Trump promised to make the US a bitcoin “superpower” and the “undisputed crypto capital of the world.”
He highlighted his administration’s actions on loosening regulations on the crypto industry, including ending what he called “operation chokepoint 2.0”, which saw federal agencies encouraging banks to not operate in risky sectors, particularly the crypto industry.
Trump said the operation went too far and acted as a form of “lawfare” against the industry.
The president has also instituted the US government’s Crypto Federal Reserve which will hold certain cryptocurrencies when they are acquired by state operations rather than sell them.
Despite the losses of recent months bitcoin has been on an incredible run in recent years after hitting a low of $16,000 (£12,300) in 2022. A lot of the recent gains have been associated with an event known as the Bitcoin halving that happened on 20 April 2024.
Halving is an event automatically triggered by the bitcoin network, which is designed to prevent inflation in the cryptocurrency but it can also trigger large price rises.
The halving happens roughly every four years and after each halving the following one to two years often see bitcoin’s price explode.
Aaron Peak, personal finance expert at credit reference company CredAbility, said: “Bitcoin is notoriously volatile: prices can surge or crash unpredictably, so investors should always be cautious.
“Bitcoin’s price has been on a rollercoaster recently, and we’ve seen some major price swings in recent months.”
What is Bitcoin halving?
Bitcoin halving reduces the rewards of mining the cryptocurrency by 50%.
Crypto miners use high-end computing rigs to perform calculations and are rewarded with bitcoin but after each halving, the reward decreases.
Miners complete calculations required to verify transactions, using computers to make guesses to solve the puzzle and the first to solve it adds a new block to the blockchain – a digital ledger that records and verifies transactions across a network of computers.
The dates of the halvings are not set, rather they occur every 210,000 blocks that are mined.
Aaron Peak, personal finance expert at credit reference company CredAbility said: “Right now, miners – who verify bitcoin transactions – earn 6.25 bitcoins for each new block they add to the blockchain.”
“After the next halving, their reward will drop to 3.125 bitcoins. This reduces the supply of new coins, which can affect bitcoin’s price.”
Why does it matter?
Bitcoin halving performs several important functions, restricting supply and limiting inflation, which helps to maintain the cryptocurrency’s value.
Peak explains: “Halving is important because it slows down how quickly new bitcoins are created. Historically, bitcoin halving has led to price increases. When fewer new bitcoins enter the market, but demand stays the same (or grows), the price often rises.
“It’s a bit like gold, if mining gold became twice as hard overnight, but people still wanted it, the price would likely go up. However, past performance doesn’t guarantee the same outcome every time, so there are no certainties.”
When is the next Bitcoin halving?
The next bitcoin halving event is expected to happen in 2028, but it all depends on how quickly miners create new blocks, Peak explained.
Peak said: “It will happen after another 210,000 blocks have been added to the blockchain, which usually takes around four years.
“This happens because bitcoin has a fixed supply – only 21 million bitcoins will ever exist. The process is built into bitcoin’s code to control inflation, a bit like how central banks manage the money supply, except no one can change bitcoin’s rules.”
Bitcoin halvings are expected to continue until 2040.
Kraken Valued at $13 Billion After Deutsche Börse Stake
Deutsche Börse has taken a minority stake in crypto exchange Kraken, marking one of the clearest signs yet of Europe’s largest market operator deepening its exposure to digital assets.
The German exchange group said it invested $200 million in Payward, Kraken’s parent company, securing roughly a 1.5% fully diluted ownership. The transaction values Kraken at about $13.3 billion, according to reporting by Bloomberg.
The move builds on an existing relationship between the two firms and signals a broader push to integrate traditional financial infrastructure with crypto markets. The partnership is expected to focus on regulated offerings, including tokenized assets and derivatives, while improving liquidity for institutional clients.
As part of the collaboration, Kraken will integrate with 360T, Deutsche Börse’s foreign exchange trading platform. The connection is designed to provide Kraken users with access to bank-grade foreign exchange liquidity, potentially streamlining the conversion between fiat currencies and digital assets.
The companies also plan to expand the use of Kraken Embed, a service that allows institutions to offer crypto trading and custody under their own brands. The initiative targets banks, fintech firms, and asset managers seeking to enter the digital asset space without building infrastructure from scratch.
Further developments are expected, subject to regulatory approval. These include enabling trading of derivatives listed on Eurex, Deutsche Börse’s derivatives exchange, through Kraken’s platform.
The investment underscores a growing convergence between established financial institutions and the crypto sector. For Kraken, the backing from Deutsche Börse provides capital and strategic alignment with one of Europe’s most influential financial market operators. For Deutsche Börse, the stake offers a direct foothold in a global crypto platform at a time when competition for digital asset infrastructure is intensifying.
The deal also reflects a broader trend of legacy financial firms moving beyond exploratory partnerships toward equity investments in crypto companies. By combining trading, custody, and tokenization capabilities, both firms are positioning themselves to capture a larger share of institutional flows into digital assets.
Key Takeaways:
- Alameda moved $16 million worth of SOL to a wallet linked with repayment efforts, signaling ongoing FTX creditor payouts.
- Alameda still holds 3.5 million SOL ($294 million), meaning supply overhang may impact solana markets.
- FTX-era asset releases since 2022 suggest continued distributions could shape liquidity next.
Alameda Unstakes SOL, Signals Ongoing Creditor Distributions
Alameda Research has transferred roughly $16 million worth of solana ( SOL) tokens after unstaking the assets, in a move that points to continued creditor repayments tied to the collapse of FTX.
Blockchain data tracked by Arkham Intelligence shows the tokens were sent to an address previously associated with distribution efforts. The transaction follows a similar pattern observed in recent months, where unstaked assets were routed to wallets linked to reimbursing creditors.
While there has been no official confirmation that the latest transfer will be distributed immediately, the repetition of this process suggests it forms part of a structured repayment strategy rather than a one-off movement.
Unstaking allows previously locked tokens in proof-of- stake networks to be withdrawn and made liquid. In this case, it enables Alameda to free up assets that can be redirected toward obligations stemming from FTX’s bankruptcy proceedings.
The latest transfer comes about a month after a comparable transaction, when Alameda moved a similar tranche of SOL to the same destination address. That earlier move reinforced expectations that such transfers are tied to ongoing creditor payouts.
Despite the asset sales, Alameda retains a substantial position in solana. The firm still holds approximately 3.5 million SOL, valued at around $294 million, according to Arkham data.
Solana remains one of the largest digital assets by market value, with a capitalization of about $47 billion. The token has traded near $82 in recent sessions, significantly below its peak of $293 reached early last year.
Alameda, founded in 2017 by Sam Bankman-Fried, was once a dominant trading firm in the crypto market. It played a central role in providing liquidity across exchanges and operated extensively in spot and derivatives markets.
Its fortunes shifted dramatically following the collapse of FTX in late 2022, which triggered a wave of insolvencies and legal proceedings. Since then, asset recovery and creditor repayment have been central to the restructuring process.
The steady movement of funds such as SOL highlights the scale and complexity of unwinding Alameda’s positions. Each transfer offers a signal, albeit indirect, of progress in returning value to creditors.
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