The pulse of the cryptocurrency world is accelerating once again with the fourth Bitcoin halving. This event, which occurs every 210,000 blocks, is a major milestone that reshapes the fundamental dynamics of the cryptocurrency Bitcoin. Bitcoin holders and the broader crypto community are excited and curious about the changes this event will bring.
The halving event occurred in order to control the supply of Bitcoin and limit its total supply to 21 million. Bitcoin halving is one of the basic principles of the system, and with this event, a new era is entered. This time, the halving event is planned to take place at block 840,000. However, due to the natural variability and probabilistic nature of mining blocks, the exact date and time are uncertain.
analytics firm glassnodeAccording to the current average block interval, the next halving event will be 158 days later, that is, on April 23, 2024.
The fourth halving will go down in history as part of Bitcoin’s unique economic model, inheriting the legacy of the previous three halvings. This event will not only affect Bitcoin holders, but it also seems to have a significant impact on the overall health of the cryptocurrency market.
The fourth halving could have many significant impacts for the Bitcoin community. In particular, the potential for value growth brought about by limited supply could make Bitcoin more attractive as an investment vehicle.
Bitcoin has an outstanding annual return profile of over 400% following the halving event in previous cycles, according to Glassnode’s on-chain analyst “Checkmatey” happened.
However, according to the recent Glassnode analysis, the bullish possibility for Bitcoin continues. Looking at the 90-day change in illiquid supply, Glassnode reported a consistent increase in illiquid balances compared to all previous halving events.
This suggests that investor buy-side activity increases before and during the halving, often exceeding the BTC issuance rate both before and after the event.
The illiquid supply is currently increasing at a rate of 180,000 BTC per quarter; This is 2.2 times faster than subtraction. Currently, approximately 81,000 BTC is mined each quarter, and following the halving event, this amount will soon drop to approximately 40,000 BTC per quarter.
Currently, Glassnode is observing a significant crossover between Bitcoin metrics, indicating that “available supply” is at historical lows.
You can follow the current price movement here.