Cameron Winklevoss, an American cryptocurrency investor and founder of crypto exchange Gemini, has stated that the demand for Bitcoin will witness a significant surge after the 2024 Bitcoin halving, which is expected to take place on April 17.
In an X post on February 15, Winklevoss noted that the recently approved spot Bitcoin exchange-traded funds (ETFs) are currently amassing ten times more BTC off the market than are being minted daily. Notably, he adds that if the situation remains the same, the demand for Bitcoin will skyrocket post-halving.
The Bitcoin halving event in 2024 will reduce the supply of the leading digital asset by half, and Winklevoss noted that if the demand for spot BTC ETFs continues to rise, a surge in demand for Bitcoin is inevitable. He believes that in such a scenario, the ETFs will take twenty times more BTC off the market as compared to the BTC being minted daily. He says,
Bitcoin ETFs are taking 10x more bitcoin off the market than are being minted daily. If these inflows hold through the Halvening, then Bitcoin ETFs will be taking 20x more off the market than the daily mint. I like where this is going.
An X user, ‘Muhammad Azhar’ pointed out that the “dynamics of Bitcoin ETFs indeed have the potential to shape the future landscape of the crypto market,” while adding:
As the inflows from these ETFs continue to outpace the daily minting, we witness an interesting shift in supply and demand dynamics. If this trend persists post-halvening, the impact on the overall market could be significant.
The digital asset enthusiast asked investors to have patience and let the scenario play out soon. As reported earlier, the price of Bitcoin broke above $50,000 after the newly launched spot BTC ETFs continued to accumulate staggering sums of Bitcoin. Data shows that nine of the recently launched ETFs amassed 216,309 BTC in just 20 days. On the other hand, BlackRock’s iShares Bitcoin Trust (IBIT) collected 105,280 BTC in holdings on February 13, making it the first spot BTC ETF to achieve the milestone.
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