Bitcoin Halving Market Dynamics: Miner income has significantly decreased, and large holders of coins have increased.
Bitcoin completed its 4th Halving on April 20, reducing the block reward to 3.125 BTC. This Halving had a direct impact on mining, causing miner revenues to plummet in the short term. At the same time, the Halving also affected Bitcoin's inflation rate, with the market generally expecting that increased scarcity would drive up the coin's price. However, since the Halving, Bitcoin has remained in a high-level consolidation phase, with a slight price drop of 3.87%, putting pressure on miners and causing some short-term investors to face losses.
Each Halving is essentially a process of rebalancing market supply and demand. During this process, we need to pay attention to the flow of market funds, mining pressure, and Bitcoin demand. By analyzing the current market data, mining data, and demand-side data, we find that:
1. Since March, the proportion of Bitcoin loss-making chips has risen from 1.28% to 15.18%. Halving