The Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.“We argue that the effect of the halving has been diminishing, as the new issuance of Bitcoin gets smaller relative to the amount of Bitcoin selling from long-term holders,” CryptoQuant wrote in an April 9 research report — viewed by Cointelegraph.
The total amount of wallet addresses holding 1K-10K Bitcoin is significantly increasing. Source: CryptoQuant Long-term holders are now accumulating about seven times more Bitcoin per month than the new Bitcoin entering circulation. “Issuance represented 69%, 27%, and 10% of total Bitcoin available supply previous to the 1st, 2nd, and 3rd halving,” CryptoQuant wrote.The Bitcoin halving event is when Bitcoin miner’s rewards, along with its inflation rate, is cut in half. The upcoming halving will see the block rewards reduced from 6.25 Bitcoin to 3.125 Bitcoin.
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