Interest per week
Interest per year
Those Bitcoin investors who still held onto their coins after the 38 percent crash on March 12 probably do not want to miss out on another post-halving bull run. However, with the most anticipated rally just 55 days away, the bullish narrative around it continues to crumble.
Prominent commodity trader Peter Brandt is the latest skeptic who questioned the impact of the halving, calling it extremely overrated.
A chump change
Unlike fiat currencies, Bitcoin is a disinflationary asset whose supply is capped at 21 mln coins. On May 12, its supply will be halved once again, as miners will only be able to receive 6.25 BTC per block.
After the halving, according to Brandt's calculations, Bitcoin's daily supply will be reduced by an infinitesimal one percent as opposed to its trading volume, which he described as 'real supply.'
Bitcoin's volumes continue to shrink
Bitcoin's two previous bull runs coincided with its halvings in 2012 and 2016, which is why many believe that history might rhyme this time as well.
That said, Bitcoin's trading volumes have been steadily declining since 2017, signaling ebbing interest in the market. This wasn't the case in 2016.
As reported by U.Today, Fundstrat's Tom Lee did not rule out that the whole crypto industry was slowly bleeding to death.