4 Things You Must Know Since the 2024 Bitcoin Halving

Bittime - Bitcoin halvings, or Bitcoin mining reward halving events, have occurred several times since the cryptocurrency's launch in 2009.

The last halving occurred in April 2024, and has brought some significant changes to the Bitcoin landscape. Here are 4 things you must know since the Bitcoin Halving.

1. April was the worst time after the Bitcoin halving

April was the worst period for Bitcoin in almost two years, marked by a drastic price drop.

The Crypto Fear and Greed Index, which previously showed extreme levels of greed, was now faced with a harsh reality in early May.

Bitcoin's significant decline began after hitting a record high of $71,329.30 in early April. At the end of the month, the price plunged 14.95% and closed at $59,228.70.

Even though Bitcoin's value has managed to recover, investor concerns still overshadow the future of this crypto asset.

This condition marks the first time Bitcoin has reached a new all-time high before the halving event. Analysts are divided on predicting the continuation of Bitcoin's trend.

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2. Bitcoin ETFs Are Facing Tough Times

Initial Enthusiasm Dims

After enthusiastic approval by the US Securities and Exchange Commission (SEC) in January, interest in exchange-traded funds (ETFs) based on Bitcoin spot prices appears to be waning.

Significant Outflow of Funds

Data from SoSo Value shows a record outflow of $563 million from BTC ETFs on May 1. This trend continued for six consecutive days, until May 3, when there was an inflow of $378 million. Bloomberg Intelligence analyst James Seyffart commented that inflows and outflows are a normal part of an ETF's life cycle.

Disappointing Debut in Hong Kong

Despite early hyped predictions that the launch of a Bitcoin and Ethereum ETF in Hong Kong would generate trading volumes far exceeding its debut on Wall Street, the reality fell short of expectations.

Low Trading Volume

Recorded trading volume across spot Bitcoin ETFs reached just $8.5 million on the first day of launch. This figure is 98.6% lower than the $628 million trading volume at the Bitcoin ETF's US debut.

3. Bitcoin Miners Are on the Verge of Difficulty

According to CryptoQuant, Bitcoin miners should prepare for tough times. The combination of soaring electricity costs and permanently reduced block rewards could cripple the industry if Bitcoin prices do not show a recovery in the next few weeks.

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4. Bitcoin Price Fluctuations ($BTC)

In the midst of significant Bitcoin price fluctuations, several company executives continue to show their confidence by continuing to increase their Bitcoin holdings.

MicroStrategy, for example, has raised 214,400 BTC at an average price of $35,180 per coin.

Considering Bitcoin's current price of $63,600, Michael Saylor's bold strategy has generated $8.1 billion in paper profits for the company.

On the other hand, Block, led by former Twitter CEO Jack Dorsey, has now started allocating a large portion of its gross profits to purchase additional Bitcoin.

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