In just under a month, the Bitcoin halving event will take place, reducing the issuance rate of Bitcoin by half. Surprisingly, the crypto market has yet to fully price in this significant reduction, according to Basile Maire, co-founder of D8X decentralized exchange and former executive director at UBS. In an exclusive interview with Cointelegraph, Maire revealed that Bitcoin surpassed the $71,000 mark on March 11, about 37 days before the halving event is scheduled to occur. This event will cut the block rewards from 6.25 BTC per block to 3.125 BTC per block.
Maire also shared that Bitcoin futures data indicates that investors are anticipating the digital currency to reach the $100,000 milestone by May. Additionally, he believes that Bitcoin’s price trajectory will be heavily influenced by the upcoming presidential election in the United States, which is expected to have a positive impact on the crypto market.
Sergei Gorev, a risk manager at fintech platform YouHodler, added that the inflows generated by U.S. spot Bitcoin exchange-traded funds (ETFs) have played a significant role in Bitcoin’s recent rally to new all-time highs. Along with the anticipation of the halving, spot Bitcoin ETFs have reached a total of $60.5 billion in on-chain holdings as of March 13. If the recent inflow trend continues, these ETFs are projected to absorb 8.82% of the Bitcoin supply on an annual basis, as reported by Dune data.
In related news, Grayscale has filed for a “mini” spot Bitcoin ETF, further indicating the growing interest and demand for Bitcoin investment products.