Supply Crunch Post Bitcoin Halving Will Not Affect Price, Says Marathon CEO
Highlights
- Marathon Digital CEO Fred Thiel believes that the highly anticipated halving will not likely have an impact on the price of Bitcoin.
- Marathon Digital's wallets, which hold over $1.1 billion in Bitcoin and 23 addresses, were recently discovered right ahead of halving.
- People maintain a strong Bitcoin profile because they are hoping for a bull run following the halving.
With the Bitcoin Halving approaching right around the corner, market participants are expecting the supply crunch post-halving to keep a bull momentum in place. However, Marathon Digital CEO Fred Thiel believes that the highly anticipated halving will not likely have an impact on the price of Bitcoin.
Bitcoin Halving Affects Likely Already in Place
The CEO of the biggest US cryptocurrency miner Marathon Digital claims that the effect of Bitcoin halving has already priced in the movement of Bitcoin. H also adds that Bitcoin ETFs have already significantly increased interest in Bitcoin. Also, the price impact from a halving-related reduction in supply might be minimal.
In an interview with Bloomberg TV on Tuesday, CEO of Marathon Digital Holdings Inc. Fred Thiel stated, “The ETF approval, which has been a huge success, has attracted capital into the market and essentially brought forward what could have been the price appreciation we typically would have seen three to six months post halving.”
Read Also: Peter Schiff Warns Bitcoin ETF Issuers of Possible Lawsuits, Here’s Why
Marathon Hoards BTC Ahead of Bitcoin Halving
Marathon Digital’s wallets, which hold over $1.1 billion in Bitcoin and 23 addresses, were recently discovered right ahead of halving. In 2023, these on-chain wallets generated $387.5 million in revenue by mining 12,85K Bitcoins. Before the Bitcoin halving, interest in Bitcoin ETFs skyrocketed, coinciding with the discovery of the Marathon Wallet.
A spike in inflows right before the halving suggests that holders of BTC are most likely stockpiling them ahead of the code upgrade. People maintain a strong Bitcoin profile because they are hoping for a bull run following the halving.
The impending halving is the primary cause of market participants’ hoarding of Bitcoin and their fervent desire for Bitcoin ETFs. Despite recent market turbulence, BTC whales have been actively accumulating massive amounts of BTC as the halving draws near. This accumulation pattern suggests that large investors are usually upbeat, particularly in light of the impending fourth halving. It seems like whales are positioning themselves for potential future gains in the Bitcoin market as the payout to miners is about to decrease.
Read Also: 5 Signs of Bitcoin (BTC) Crash To End A Bull Cycle
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