Bitcoin to Undergo Beneficial Changes Post-Halving: Grayscale

Grayscale noted that 'Bitcoin' halving is different this time, and the introduction of spot BTC ETFs has changed the market fundamentals.

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Bitcoin is set to witness a significant change in its market structure post the 2024 halving, stated Grayscale, a leading digital asset management firm that recently debuted a spot BTC exchange-traded fund (ETF) in the United States. 

As reported earlier by TheCoinRise, Adam Back, a British cryptographer and cipherpunk, predicted that Bitcoin will surely hit the $100,000 price tag before the next halving, and he is prepared to bet a million dollars on it. He also said that BTC will “probably”’ attain an all-time record high earlier than the real date of the halving. 

Bitcoin Halving is ‘Different’ This Time

Grayscale noted that Bitcoin halving is different this time, and the introduction of spot BTC ETFs has changed the market fundamentals. As reported earlier, the Securities and Exchange Commission (SEC) approved eleven applications from leading asset management firms for a spot BTC ETF.

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“Bitcoin’s issuance will halve around April 2024. Despite miner revenue challenges in the short term, fundamental onchain activity and positive market structure updates make this halving different on a fundamental level,” Grayscale said. 

Miner Positioning

While Grayscale adds that “Bitcoin is not just surviving; it’s evolving,” the firm noted that the halving event will create troubles for miners. However, the miners have already prepared for the situation, the analysis said

“Facing reduced block reward revenue and high production costs, miners have prepared by raising funds through equity/debt issuances and selling reserves, in an attempt to mitigate short-term financial strains,” said Grayscale. 

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Impact of Bitcoin ETFs

Grayscale believes that the recently approved spot BTC ETFs will play a major role in the price of the leading cryptocurrency. In the report, Grayscale said that “the continued adoption of Bitcoin ETFs could significantly absorb sell pressure, potentially reshaping Bitcoin’s market structure by providing a new, steady demand source, which is positive to price.” 

“ETFs, in general, create access to Bitcoin exposure to a greater network of investors, financial advisors, and capital market allocators, which in time could lead to an increase in mainstream adoption,” said Grayscale.

Hitting $10B in AUM

As reported earlier by TheCoinRise, Bitcoin spot ETFs officially hit a major milestone, securing $10 billion in assets under management (AUM). Data suggests that currently, BlackRock’s iShares ETF and Fidelity’s FBTC are leading the sector. 

Renowned analyst Michael Van de Poppe took to social media platform X to state that he sees Bitcoin making a journey towards peak values ranging from $250,000 to $600,000 during the current cycle, driven by liquidity and institutional involvement.

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