95% of Bitcoin has already been mined, and the remaining 5% will be mined in 114 years! Subtracting various lost coins, the actual circulating supply is approximately 14.7 million Bitcoins. The old "halving every four years" alarm clock is no longer relevant. The future Bitcoin bull market will be driven by a more complex model, evolving from a simple "halving" narrative to one jointly driven by macroeconomic factors, institutional factors, and applications.