Bitcoin Halving and ETFs: Reshaping Market Structure for Record Highs

Grayscale's report suggests that the 2024 Bitcoin halving will be different due to the impact of U.S. spot Bitcoin ETFs, which could counterbalance sell pressure from mining issuance. The report highlights historical price trends post-halving, cautioning that other cryptocurrencies like Litecoin have not seen similar appreciation. It also discusses miners' preparations for the halving's financial repercussions and the impact of Bitcoin ordinals inscriptions and ETF flows on market structure, noting that steady ETF inflows could counterbalance sell pressure. Grayscale's own GBTC saw significant outflows after its conversion into a spot Bitcoin ETF, with funds flowing into rival Bitcoin ETFs.