Founder of Blockstream Adam Back has addressed his followers on the X/Twitter social network, urging them to keep stacking Sats, and do it “harder,” while Bitcoin is trading at the current price level.
Back cited the popular Duke Nukem character in his tweet today, adding stacking Sats: “It’s time to stack sats and chew bubblegum, and I’m all out of gum.”
“It’s time to stack sats and chew bubblegum, and I’m all out of gum.” -Duke Nukem, Duke Nukem Forever pic.twitter.com/NePpJa6MES
— Adam Back (@adam3us) April 24, 2024
In an earlier tweet today, Back also addressed the Bitcoin community, urging it to “stack Sats harder while you can.”
GM. stack harder while you can!
— Adam Back (@adam3us) April 24, 2024
Back did not name the reason, but it seems obvious that he expects the Bitcoin price to skyrocket soon after the recent halving. This “soon” however, may take many months. Still, the fact is that Bitcoin block rewards have shrunk by 50% to 3.125 BTC from 6.25 BTC. The second fact is that spot-based exchange-traded funds continue to accumulate Bitcoin, sucking it up from the market.
Bitcoin ETF runs positive for several days now
@spotonchain analytics account has reported that spot Bitcoin funds continue to see BTC inflows and have been getting positive inflows over the past three consecutive days. On April 23, the BTC net inflow constituted $32 million.
However, all of the 10 Bitcoin ETFs, and in particular BlackRock’s iShares (IBIT), have been having weak flows recently. As for Grayscale, for the past four trading days, its single-day Bitcoin ouflow from GBTC remains under $100 million.
🚨 $BTC #ETF Net Inflow Apr 23, 2024: +$32M!
• The net inflow has been positive for 3 consecutive trading days.
• The single-day outflow of #Grayscale Bitcoin Trust $GBTC remains under $100M for 4 trading days in a row.
• Generally, all 10 #Bitcoin #ETFs, especially… pic.twitter.com/puqBk8faGv
— Spot On Chain (@spotonchain) April 24, 2024
Before the halving took place on April 20, spot Bitcoin ETFs consumed about 12x the amount of BTC produced by miners per day. Back then, the daily amount produced was 900 BTC. Now, it is 50% less – 450 BTC.
In March this year, global pioneer cryptocurrency Bitcoin succeeded in reaching a new historic price high of $73,750. That was the first time BTC reached a new ATH before a halving.
