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Daily Bitcoin Dose: $607M! Halving Fueling 3x Pump?

Daily Bitcoin Dose: $607M! Halving Fueling 3x Pump?

On-chain Bitcoin (BTC) analyst Willy Woo raises the bullish flag, pointing to limited supply and high demand as causes for hope. Speaking to X, Woo stated that the average daily demand for Bitcoin as an asset among new investors is $607 million. By contrast, mining only produces $46 million of new supply.

Every Day, Bitcoin Gains More Than $607 Million in Value—What Will Happen If It Is Halved?

Because the Bitcoin network is a proof-of-work system that depends on miners for decentralization and security, its international transactions are immune to censorship. Even though centralization is a concern, the vast network of miners is more significant for the platform, which accounts for its enormous valuation.

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After every 24-hour cycle, miners receive 6.25 BTC, or about $46 million, for their efforts. Nonetheless, the fiat value varies with spot rates.

According to Woo, the growing demand considers changes in the realized cap. It is estimated to be around $607 million per day. It is a figure that indicates the total cost that investors have paid for the BTC that is currently in circulation. The purchase price of each item is factored into the overall value.

Bitcoin network flows | Source: Willy Woo on X
Bitcoin network flows | Source: Willy Woo on X

Woo points out that although the realized cap is helpful, the amount of demand injected into Bitcoin is conservative. The realized cap’s exclusive capture of on-chain transactions is the source of the vulnerability.

According to Woo, this imbalance change can increase prices in upcoming sessions. While the next Bitcoin halving is set for early April 2024, an on-chain analyst predicts further acceleration in the trend even before then.

Every four years, the “Bitcoin halving” event reduces new Bitcoin creation per block by 50%. Analysts predict rising prices due to reduced supply and increased demand.

Reddit Is Buying ETH And Bitcoin Before Going Public

Woo’s upbeat sentiment results from cheerful tidings that Reddit’s well-known social media site will allocate some surplus funds to Ethereum and Bitcoin (ETH). According to recent reports, Reddit intends to go public, filing for an initial public offering (IPO) this week.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

A significant technology company’s support for cryptocurrency demonstrates its increasing institutional adoption, which is good news for investor confidence. According to Reddit’s IPO prospectus, the company’s revenue increased by 20% in 2023.

Additionally, over 70 million people use the platform every day. This suggests a likely influx of significant investments into BTC and ETH upon the company’s public listing.

The Canva feature image and the TradingView chart

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