Adam Back, the founder of Blockstream, has taken to X/Twitter to encourage his audience to continue adding bitcoins (Sats) to their stash, emphasizing the importance of doing so more aggressively with the current bitcoin market prices.
In a recent tweet, Back referred to the well-known Duke Nukem persona, stating, “Now is the moment to accumulate Satoshis (Sats), but unfortunately, I’ve run out of bubblegum to chew while doing so.”
“I need to earn more bitcoin (sats) now, but unfortunately, I don’t have any bubblegum left to chew while doing so.”
— Adam Back (@adam3us) April 24, 2024
In a previous tweet today, Back encouraged the Bitcoin community to accumulate more Bitcoins (Sats is short for Satoshis, the smallest unit of a Bitcoin) as opportunities may be limited.
GM. stack harder while you can!
— Adam Back (@adam3us) April 24, 2024
It’s clear that Back didn’t provide an explanation, but it’s evident that he believes the price of Bitcoin will significantly increase in the near future following the recent halving. However, “near future” could mean several months. Two important points to consider: first, the reward for mining new Bitcoins has been reduced by half to 3.125 BTC from 6.25 BTC. Secondly, exchange-traded funds that deal directly with Bitcoin are continuously acquiring more of the cryptocurrency, effectively drawing it from the market.
Bitcoin ETF runs positive for several days now
The SpotOnChain analytics account indicates that Bitcoins held in spot funds have received approximately $32 million worth of inflows each day for the past three days, ending on April 23rd.
Despite strong performances by most Bitcoin ETFs in the past, such as BlackRock’s iShares (IBIT), the last few days have seen weak inflows for all ten Bitcoin ETFs. Notably, Grayscale’s GBTC has experienced outflows under $100 million daily over the previous four trading sessions.
Three consecutive days have seen a net inflow of approximately $32 million into Bitcoin and Ethereum ETFs. Previously, the daily outflow from Grayscale Bitcoin Trust had stayed below $100 million for the past four trading sessions. Notably, all ten Bitcoin ETFs, with a focus on the more influential ones, have generally experienced an influx of funds.
— Spot On Chain (@spotonchain) April 24, 2024
Prior to the Bitcoin halving on April 20th, ETFs buying Bitcoins at current market price were using roughly twelve times more Bitcoin than miners were producing daily. At that time, miners produced approximately 900 Bitcoins per day. Now, due to the halving, the daily production has decreased by fifty percent and currently stands at around 450 Bitcoons.
This March, Bitcoin, the trailblazing digital currency, hit an all-time high price of $73,750 for the very first time prior to its scheduled halving event.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- SOL PREDICTION. SOL cryptocurrency
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- BCH PREDICTION. BCH cryptocurrency
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
2024-04-24 18:04