Did Strong Bitcoin ETF Demand Kill Halving's Potential Bullish Rally?

Bitcoin's upcoming halving might not have as much of an impact on the price of bitcoin as seen in previous cycles, experts predict.

“If we look at demand generally since the ETFs have launched, it has created tremendous supply shock already,” said Brian Dixon, CEO of investment firm Off the Chain Capital. “Once the halving occurs, and that supply is further reduced, it's only logical to think that the price will appreciate.”than the 900 new BTC that are mined daily. And when that supply gets cut in half, it might create an even bigger pull on the prices.The price of bitcoin had rallied 46% since Jan.

Also, halving might not affect the ETF flows either due to the already strong demand from the investors, at least not in the short term, according to Bloomberg Intelligence's ETF analyst James Seyffart. This is not to say that halving won't be a significant catalyst for bitcoin and the ETF flows in the long term. After all, the success of the ETFs seems to be closely correlated to the price of BTC and vice versa. The halving may even accentuate the appeal of bitcoin as an asset class to institutional investors. “I think the halving is going to be one of the best things for bitcoin since the ETFs launched,” said Bob Iacchino, co-founder of analytics firm Path Trading Partners.

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