The Bitcoin Story · Module 6 · 2023 to 2026 · 35 min
Since 2024 Bitcoin can be bought through regulated funds, passed $100,000 and set a record near $126,000 in October 2025, then fell well back, which shows again that past prices do not tell you what comes next.
What you will learn
Explain what a spot Bitcoin fund (ETF) is and why it was a big step.
Describe the fourth halving and when the next one is expected.
Explain why a record high and a later fall are both part of the same story.
The lessons
Lesson 1: Spot Bitcoin ETFs
An ETF is a fund you can buy and sell through an ordinary investment account. A spot Bitcoin ETF holds real bitcoin and its price follows Bitcoin’s price.
In January 2024 US regulators allowed the first spot Bitcoin ETFs to start trading. This was a big step because it let investors, including large firms and pension managers, get exposure without learning how to hold coins.
An ETF is still an investment that can lose value, and it comes with fees. Buying one does not give you the coins themselves or the ability to send them yourself.
Remember: ETFs made Bitcoin easier to buy for many people. They did not make it safer.
Lesson 2: The fourth halving and passing $100,000
The fourth halving was on 20 April 2024, cutting the reward from 6.25 to 3.125 bitcoin per block. That means about 450 new coins a day instead of about 900.
In December 2024 the price passed $100,000 for the first time, a level that few people expected a decade earlier.
Some people point to the halving as a reason the price rises afterwards. Others note that only a handful of halvings have happened, too few to prove a rule. Treat any confident forecast with caution.
Remember: A few repeats do not make a law.
Lesson 3: Record, then pullback
In October 2025 Bitcoin reached a record near $126,000, with small differences between sources. In 2026 the price then fell well back from that level.
Together, the record and the fall repeat what earlier chapters showed: Bitcoin’s price can move far and fast in both directions, and a record high tells you what has happened, not what will happen.
The next halving is expected around 2028, when the reward would fall to 1.5625 bitcoin if the schedule holds. Check current prices on our Markets page, and read the other chapters again before making any decision. This is education, not financial advice.
Remember: Never take a record high, or a crash, as a guide to the next move.
Key dates
When
What happened
Why it matters
January 2024
US spot Bitcoin ETFs begin trading
Bitcoin becomes available through ordinary investment accounts
20 April 2024
The fourth halving: the reward falls from 6.25 to 3.125 bitcoin
About 450 new coins a day instead of about 900
December 2024
The price first passes $100,000
A milestone that few people expected a decade earlier
October 2025
A record price near $126,000
The highest level so far; reported figures differ slightly by source
2026
The price falls well below the record
Another reminder of how large the swings can be
About 2028
The fifth halving is expected
The reward would fall to 1.5625 bitcoin, if the schedule holds
Key terms: ETF, institutional investor, all-time high, drawdown, bear market. Open the glossary
Module quiz
4 questions. Tap an answer to see if you are right and why.
1. What is a spot Bitcoin ETF?
It lets people get exposure without holding coins themselves.
2. What is the reward per block after the April 2024 halving?
That is about 450 new coins a day.
3. When is the next halving expected?
Around 2028, if the schedule holds.
4. What does an all-time high tell you about the next price?
A record high shows what happened, not what will happen.
Do it yourself
Here are the peaks of four cycles. Write down, for each one, what you think happened soon after, then check it. What would you need to know before trusting a pattern?
Cycle
Approximate peak
2013
$1,150
2017
$19,800
2021
$69,000
2025
$126,000
Not financial advice. This lesson is history and education only. Prices are rounded and shown only to explain how big the swings were.