HALVING INSIGHTS

The 2024 Bitcoin Halving According to Grayscale

Grayscale's Perspective: Grayscale highlights the uniqueness of the upcoming halving on April 17, 2024. This year's halving is set apart by the changing regulatory scene, specific challenges facing miners, and the role of spot Bitcoin Exchange-Traded Funds (ETFs).

Facing the Halving: The reduction in block rewards presents immediate challenges for miners, compounded by high operational costs. Grayscale notes that miners have been preparing by raising capital and selling off reserves to mitigate these impacts.

Market Impact: The approval of eleven spot Bitcoin ETFs by the SEC in January marks a critical shift. Grayscale emphasizes the importance of these ETFs, launched by industry heavyweights like BlackRock and Fidelity, in absorbing sell pressure and introducing a new, consistent demand for Bitcoin. Grayscale projects that this will have a favorable effect on Bitcoin's price.

Emerging Trends: Grayscale highlights Bitcoin Ordinals' role, now 20% of miners' revenue, boosting Bitcoin's security despite network congestion critiques. Challenges like post-halving profitability and Core Scientific's bankruptcy recovery suggest a dynamic yet unpredictable market.

📈 Bitcoin's price could hit $112,000 by 2024, with $55K considered the "worst case". The next bull-run will likely see a heavy influence from all of the ETF inflows. CryptoQuant's analysis highlights the significant impact of spot Bitcoin ETFs, supporting a bullish market outlook even before the upcoming halving event.

👀 President Joe Biden posts a "laser eyes" meme after the Super Bowl. Posting a photo of yourself with “laser eyes” became one of the biggest Bitcoin memes. Many were quick to think Biden’s tweet was a Bitcoin reference. In reality, Biden’s X (Twitter) post was a playful reference to the Chiefs' victory and the "Dark Brandon" meme.

🚀 Bitcoin ETFs own more than MicroStrategy's after just a month of trading. Leading with significant inflows, BlackRock and Fidelity's ETFs have attracted billions in investments, indicating a shift towards ETFs for Bitcoin exposure.

🇪🇹 Chinese miners eye Ethiopia for affordable power and friendly regulations. With Ethiopia’s cheap hydroelectric power and favorable regulations, Ethiopia-China Bitcoin mining ties are becoming reinforced. The continued growth highlights Ethiopia's appeal for mining amidst global concerns over energy use and resource allocation, despite the country's initial ban on digital asset trading.

🏈 Kraken opts out of advertising to 100+ million Super Bowl viewers. Kraken based their decision on the big game’s U.S.-centric nature and misalignment with their global outreach strategy. Post-FTX scandal, Kraken claims that the focus must shift from crypto hype to educating on Bitcoin’s value, with a global audience in mind, diverging from traditional Super Bowl ad trends.

🇬🇧 UK's FCA requires crypto users pass a quiz to open trading accounts. The claim is that this is to enhance investor competency. This move, challenging for both new and experienced traders, aligns with broader financial regulations but complicates the UK's goal of becoming a Bitcoin hub.

🌍 Bitcoin offers a digital, mobile store of value, contrasting with real estate's physical vulnerabilities. Bitcoin Magazine argues that Bitcoin’s ease of transfer, resistance to confiscation, and deflationary model present it as a more secure asset vs real estate during geopolitical instability.

Bitcoin Soars Above $50K for First Time Since 2021

Bitcoin's Milestone: Bitcoin's price has soared past $50,000 for the first time since December 2021. This marks a significant surge in Bitcoin’s price, marking over a 15% increase in the past week. This price surge brings Bitcoin to its highest price point in over two years. It was trading below $22,000 just a year ago.

Market Revival: After a sluggish start to 2024, despite the approval of several Bitcoin ETFs by the SEC, Bitcoin has rebounded. The dip following GBTC/Grayscale's massive selling has reversed, with investor interest surging back into the market. The recent surge gas pushed the Bitcoin market cap close to $1 trillion USD, with the global cryptocurrency market cap reaching nearly $1.9 trillion.

Will Bitcoin ever reach $280,000 USD as predicted by Capriole Investments?

👍 Yes - 91.7%

👎 No - 9.3%

👍 Yes - “It is a mathematical certainty. What is less clear is the timeline.” - Jim

👍 Yes - “A supply shock is months away.” - Chris

🏈 Jack Dorsey wore a Satoshi t-shirt as he sat alongside Beyoncé and Jay Z at the Super Bowl. Bitcoin and crypto firms like Kraken and Coinbase have begun shifting their focus away from the usual flashy Super Bowl commercials. Instead they are aiming for global outreach and political advocacy.

🏟️ Bitcoin giants are skipping Super Bowl ads. This is the second consecutive year, following the ad blitz in 2022, that exchanges and ETF issuers like BlackRock and Grayscale are shying away from catchy and in-your-face advertising. This decision comes amid the fallout from FTX's collapse and the late approval of Bitcoin Spot ETFs, missing the ad slot booking window.

64 - The estimated number of days remaining until the 2024 Bitcoin halving.

16% - The percent Bitcoin is up year-to-date. Bitcoin is up 125% over the last year.

10.14% - The percent of all bitcoins currently held by companies, ETFs, and countries.

160 - The number of days ever that Bitcoin’s price has been higher than its current price.