{"id":599182,"date":"2024-03-22T16:00:51","date_gmt":"2024-03-22T16:00:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=599182"},"modified":"2024-06-11T07:11:10","modified_gmt":"2024-06-11T07:11:10","slug":"bitcoin-halving-result-supply-squeeze-glassnode","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-halving-result-supply-squeeze-glassnode\/","title":{"rendered":"This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode"},"content":{"rendered":"

Glassnode has suggested that the upcoming Bitcoin halving might not result in a supply squeeze that the market may have anticipated.<\/p>\n

Bitcoin Halving May Not Carry Same Impact Due To Spot ETFs<\/h2>\n

In a new report, the on-chain analytics firm Glassnode<\/a> has discussed the impact the next Bitcoin halving may have on the economics of the cryptocurrency.<\/p>\n

The “halving<\/a>” is a periodic event for BTC where its block rewards (the rewards the miners receive for adding blocks on the network) are permanently cut in half.<\/p>\n

Related Reading: Bitcoin Cash (BCH) Surges 15% As Coinbase Plans Futures Listing<\/a><\/div>\n

This event is built into the coin’s code, meaning it happens automatically. The halving kicks in after every 210,000 blocks, or approximately every four years.<\/p>\n

The next such event will take place sometime in the coming month. Historically, the halving has been considered an important event for the asset due to how it influences its supply dynamics.<\/p>\n

The block rewards the miners receive are the only way to introduce new BTC tokens into circulation. Since they get tightened during these events, the cryptocurrency’s production rate slows down following them.<\/p>\n

As such, halvings are considered bullish events, with the price increasing following them due to the constrained supply, as supply-demand dynamics would dictate.<\/p>\n

“However, the current market conditions differ from historical norms,” says Glassnode. The reason behind that is simple; there is something now that was never there in the past: the spot exchange-traded funds (ETFs)<\/a>.<\/p>\n

Spot ETFs are investment vehicles that buy and hold Bitcoin and allow their users to gain indirect exposure to the cryptocurrency’s price action through them. Since the spot ETFs are available on traditional exchanges, they can be preferable for those not looking to dabble with digital asset platforms and wallets.<\/p>\n

Thus, the ETFs have introduced a notable amount of fresh demand for the asset, with supply rapidly leaving the market and entering these funds. To put this demand into perspective, the analytics firm has compared it against the BTC amount miners issue on the chain daily.<\/p>\n

\"Bitcoin<\/p>\n

The trend in the spot ETF flows and miner issuance since the start of the year | Source: Glassnode<\/a><\/pre>\n
As the above chart shows, the Bitcoin ETF flows have generally been much higher than what the miners have been introducing into circulation. Based on this, Glassnode believes “the upcoming halving might not result in the supply squeeze once anticipated.”<\/p>\n
Related Reading: Bitcoin Traders Capitulate: Here\u2019s What Happened Last 2 Times<\/a><\/div>\n
The report further says:<\/p>\n
The ETFs are, in essence, preempting the halving’s impact by already tightening the available supply through their substantial and continuous buying activity. In other words, the supply squeeze usually expected from halvings may already be in effect due to ETFs\u2019 large-scale bitcoin acquisitions.<\/p><\/blockquote>\n
Something to note, however, is that the ETFs aren’t certain to always be a bullish influence for the market. Should the current inflow-heavy regime flip to one dominated by outflows, the cryptocurrency could naturally witness extraordinary selling pressure.<\/p>\n
In fact, the spot ETF netflows have been negative for Bitcoin for four straight days<\/a> now, so such a trend shift may already be in action.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had recovered beyond the $68,000 level yesterday, but the coin has since declined again, falling back towards $64,200.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has has retraced a chunk of its recovery | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Traxer on Unsplash.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Glassnode has suggested that the upcoming Bitcoin halving might not result in a supply squeeze that the market may have anticipated. Bitcoin Halving May Not Carry Same Impact Due To Spot ETFs In a new report, the on-chain analytics firm Glassnode has discussed the impact the next Bitcoin halving may have on the economics of the cryptocurrency. The “halving” is a periodic event for BTC where its block rewards (the rewards the miners receive for adding blocks on the network) are permanently cut in half. Related Reading: Bitcoin Cash (BCH) Surges 15% As Coinbase Plans Futures Listing This event is built into the coin’s code, meaning it happens automatically. The halving kicks in after every 210,000 blocks, or approximately every four years. The next such event will take place sometime in the coming month. Historically, the halving has been considered an important event for the asset due to how it influences its supply dynamics. The block rewards the miners receive are the only way to introduce new BTC tokens into circulation. Since they get tightened during these events, the cryptocurrency’s production rate slows down following them. As such, halvings are considered bullish events, with the price increasing following them due to the constrained supply, as supply-demand dynamics would dictate. “However, the current market conditions differ from historical norms,” says Glassnode. The reason behind that is simple; there is something now that was never there in the past: the spot exchange-traded funds (ETFs). Spot ETFs are investment vehicles that buy and hold Bitcoin and allow their users to gain indirect exposure to the cryptocurrency’s price action through them. Since the spot ETFs are available on traditional exchanges, they can be preferable for those not looking to dabble with digital asset platforms and wallets. Thus, the ETFs have introduced a notable amount of fresh demand for the asset, with supply rapidly leaving the market and entering these funds. To put this demand into perspective, the analytics firm has compared it against the BTC amount miners issue on the chain daily. The trend in the spot ETF flows and miner issuance since the start of the year | Source: Glassnode As the above chart shows, the Bitcoin ETF flows have generally been much higher than what the miners have been introducing into circulation. Based on this, Glassnode believes “the upcoming halving might not result in the supply squeeze once anticipated.” Related Reading: Bitcoin Traders Capitulate: Here\u2019s What Happened Last 2 Times The report further says: The ETFs are, in essence, preempting the halving’s impact by already tightening the available supply through their substantial and continuous buying activity. In other words, the supply squeeze usually expected from halvings may already be in effect due to ETFs\u2019 large-scale bitcoin acquisitions. Something to note, however, is that the ETFs aren’t certain to always be a bullish influence for the market. Should the current inflow-heavy regime flip to one dominated by outflows, the cryptocurrency could naturally witness extraordinary selling pressure. In fact, the spot ETF netflows have been negative for Bitcoin for four straight days now, so such a trend shift may already be in action. BTC Price Bitcoin had recovered beyond the $68,000 level yesterday, but the coin has since declined again, falling back towards $64,200. Looks like the price of the asset has has retraced a chunk of its recovery | Source: BTCUSD on TradingView Featured image from Traxer on Unsplash.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":599201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,9960,8856,88585,91909,1119,1144,61309],"class_list":["post-599182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etfs","tag-bitcoin-halving","tag-bitcoin-spot-etfs","tag-bitcoin-supply-squeeze","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nThis Bitcoin Halving May Not Result In Supply Squeeze: Glassnode<\/title>\n<meta name=\"description\" content=\"Glassnode has suggested that the upcoming Bitcoin halving might not 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode","url":"http:\/\/uniquehot.com\/news\/bitcoin-halving-result-supply-squeeze-glassnode\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-halving-result-supply-squeeze-glassnode\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/traxer-dV7UYaPtv6w-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/traxer-dV7UYaPtv6w-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etfs","bitcoin halving","bitcoin spot etfs","bitcoin supply squeeze","btc","btcusd","glassnode"],"dateCreated":"2024-03-22T16:00:51Z","datePublished":"2024-03-22T16:00:51Z","dateModified":"2024-06-11T07:11:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-halving-result-supply-squeeze-glassnode\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-halving-result-supply-squeeze-glassnode\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/traxer-dV7UYaPtv6w-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/traxer-dV7UYaPtv6w-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etfs\",\"bitcoin halving\",\"bitcoin spot etfs\",\"bitcoin supply squeeze\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2024-03-22T16:00:51Z\",\"datePublished\":\"2024-03-22T16:00:51Z\",\"dateModified\":\"2024-06-11T07:11:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/traxer-dV7UYaPtv6w-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599182"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=599182"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/599182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/599201"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=599182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=599182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=599182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}