Researchers from IntoTheBlock have reported that the number of wallets holding 1,000 Bitcoin (BTC) or more has surged since the launch of spot ETFs in the US. Analysts emphasized that since the beginning of 2024, the combined balance of large holders has increased by 220,000 coins. This represents a sum of $14.2 billion.
Experts assured that 210,000 BTC came from net inflows into spot ETFs. They also reminded that Bitcoin’s halving is scheduled for April 18, 2024, just 12 days away. Specialists discussed key aspects to watch for.
Miner rewards for each block will decrease from 6.25 BTC to 3.125 BTC. As a result, the annual inflation rate will drop to 0.8%. ‘This means fewer new bitcoins are entering the market, reducing potential selling pressure.’
Analysts also noted that miner revenues in USD are at record highs. This is because BTC price growth offsets emission reduction. This means miners still find it profitable to secure the network and earn new coins.
Secondly, the percentage increase in value after halving decreases over time. For instance, BTC prices surged from $13 to $652 after the first halving, resulting in a 4802% return. However, growth rates have roughly halved with each subsequent halving. ‘It’s reasonable to assume this pattern will repeat this time,’ experts assured.