Strangely there is a delay between Bitcoin appreciation and the halvening. We all know it is going to happen; Except perhaps for Elon Musk who apparently bought 25,000 BTC without ostensibly knowing about proof of work. So, we should see many miners unplug when the halvening happens, and block confirmations will become slower and result in a temporary disruption. This should only effect those who use Bitcoin properly, on chain and non-custodian. I don't see how someone moving money within the an exchange is going to have different experience. The hashing power is going to drop obviously and that is what turns some people off.