The 4th Bitcoin halving will occur in about 15 days, this event will occur once every 4 years or to be precise if 210k blocks have been mined and it will take 3.8 years. However, if we look carefully and compare it with the three previous Bitcoin halvings, there are several unique things that occurred at the 4th Bitcoin halving, 2024. Let's discuss it together:
1. Bitcoin ETFs
The Bitcoin cycle in 2024 was marked by the approval and launch of Bitcoin Exchange-Traded Funds (ETFs) in the US which led to major changes and a substantial increase in demand for Bitcoin. Since its inception the Bitcoin ETF has absorbed 2.5 thousand BTC every day or more than US$10 billion.
2. Changes in Supply and Demand Dynamics
The presence of Bitcoin ETFs has the impact of changing the dynamics of supply and demand and the pressure on supply is getting stronger. The ETF already holds more than 400 thousand BTC, current demand has absorbed Bitcoin supply by 4.5%. There is the potential to double Bitcoin's marketcap.
3. Technological Innovation
Blockchain technology innovations such as the Ordinal token and BRC-20 have
diversifying Bitcoin's utility, there is an increase in transactions which has an impact on increasing miners' income from transaction fees.
4. Long Term Holder Bitcoin Record
The changing behavior of Bitcoin holders who hold Bitcoin for more than 160 days is increasing drastically, resulting in a decrease in market share which has an impact on price increases.
5. Market Sentiment and On-Chain Metrics
On-chain metrics show different market sentiment compared to the previous cycle
6. Macro-Economic Environment
The macroeconomic situation increasingly differentiates having 2024 from previous halvings. The Fed has stabilized interest rates so the proportion of Bitcoin as a hedge will increase further. Although macroeconomic uncertainty can affect Bitcoin prices ahead of the halving.
1. Bitcoin ETFs
The Bitcoin cycle in 2024 was marked by the approval and launch of Bitcoin Exchange-Traded Funds (ETFs) in the US which led to major changes and a substantial increase in demand for Bitcoin. Since its inception the Bitcoin ETF has absorbed 2.5 thousand BTC every day or more than US$10 billion.
2. Changes in Supply and Demand Dynamics
The presence of Bitcoin ETFs has the impact of changing the dynamics of supply and demand and the pressure on supply is getting stronger. The ETF already holds more than 400 thousand BTC, current demand has absorbed Bitcoin supply by 4.5%. There is the potential to double Bitcoin's marketcap.
3. Technological Innovation
Blockchain technology innovations such as the Ordinal token and BRC-20 have
diversifying Bitcoin's utility, there is an increase in transactions which has an impact on increasing miners' income from transaction fees.
4. Long Term Holder Bitcoin Record
The changing behavior of Bitcoin holders who hold Bitcoin for more than 160 days is increasing drastically, resulting in a decrease in market share which has an impact on price increases.
5. Market Sentiment and On-Chain Metrics
On-chain metrics show different market sentiment compared to the previous cycle
6. Macro-Economic Environment
The macroeconomic situation increasingly differentiates having 2024 from previous halvings. The Fed has stabilized interest rates so the proportion of Bitcoin as a hedge will increase further. Although macroeconomic uncertainty can affect Bitcoin prices ahead of the halving.
