Bitcoin's Fourth Half Year Anniversary: Review and Outlook Today marks the first anniversary of the fourth halving of Bitcoin block 840000. This year, the Bitcoin ecosystem has experienced ups and downs, which is truly impressive. The price of Bitcoin has risen: When it halved last year, the price of Bitcoin was about $63000, but now it has risen to $85000, and the confidence in the Bitcoin market remains strong. Runes craze: On the day of halving, the Runes protocol was officially launched, sparking a craze. Casey's bold statement of 'cutting his belly with a market value of less than 1 billion' shows his explosive start. Miner's income: Although mining rewards have been halved, the prosperity of the Bitcoin ecosystem has brought considerable transaction fee subsidies to miners, easing the pressure. Ecological challenge: However, after halving, the Bitcoin ecosystem seems to be gradually showing signs of fatigue. Faced with the endless Meme craze on the Solana chain, Bitcoin seems somewhat powerless. Lack of innovation: The innovation of the new agreement is weak, the short-term popularity is difficult to sustain, and the ecosystem is gradually entering a period of silence. Ordinals stagnate: Ordinals progress is slow, with only a few features released in the past year. Casey seems to be putting more energy into his personal life, but the community's expectations have been dashed. Inscription bottleneck: The development of inscriptions is limited by underlying technical issues, and repairs are difficult to conceal the decline. The data shows that the Ordinals activity curve is almost flat. Player shift: Many players have turned their attention to other ecosystems, and occasional small hotspots are difficult to reproduce their former glory. The future of the Bitcoin ecosystem is full of unknowns. Only true technological innovation can reignite community enthusiasm.