95% of Bitcoin has already been mined, and the remaining 5% will be mined in 114 years! After accounting for all the lost ones, the actual circulating Bitcoin is roughly 14.7 million. The old 'four-year halving' alarm clock is no longer relevant. In the future, the driving force behind Bitcoin bull markets will evolve from the simple 'halving' narrative to a more complex model driven by 'macro, institutions, and applications' together.