Bitcoin's recent mining reward halving has changed the market and could result in demand for the cryptocurrency being five times larger than supply, according to the latest forecast from Bitfinex analysts. On Saturday, the reward paid to miners per block was halved from 6.25 BTC to 3.125 BTC. According to Bitfinex's forecast, the reward halving means that the notional value of new supply added each day could fall to $30 million. This is a significant decrease, equivalent to five times the average daily demand for a spot Bitcoin ETF in the United States.
Since the halving, new daily supply has fallen to 450 BTC (nearly $30 million) from a four-year average of about 900 BTC before the halving, according to Glassnode.
Bitfinex expects demand to be 5 times higher than supply after bitcoin halving
2024-04-23 07:34:26
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