The upcoming Bitcoin (BTC) halving is likely a bullish development, but a slew of outside factors mean it likely won’t play out the same as in previous years, according to Grayscale.
Last month, the company successfully converted its Grayscale Bitcoin Trust (GBTC) into the world’s largest Bitcoin ETF. The introduction of such ETFs, according to Grayscale, may impact Bitcoin’s price as if it were a second halving within a single year.
Are Bitcoin ETFs A Second Halving?
In a Friday blog post, the firm explained:
“Assuming that there will be $10M of daily net inflows into ETF products, if you divide daily net inflows ($10M) by daily amount of issued Bitcoin ($19M), you get roughly 50%, which is similar to the effects of another halving.”
Since launching last month, Bitcoin ETFs have absorbed a cumulative $2.6 billion of inflows.
By contrast, the “halving” is when the Bitcoin network cuts the number of newly issued coins within each Bitcoin block in half. This occurs roughly
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