Bitcoin Halving May Have Less Price Impact This Time Due to Existing ETF Demand

Bitcoin's upcoming halving may not boost prices as much as previous halvings due to strong existing demand from new spot bitcoin ETFs.

Bitcoin spot ETF demand has already created a supply shock, pushing bitcoin to new highs ahead of the halving. Further reduced supply from halving could lift prices more.

However, bitcoin's pre-halving price rally to an all-time high may have pulled some demand forward, limiting the halving's impact.

In the short-term, halving may not significantly affect ETF demand and flows due to already massive ETF inflows exceeding daily bitcoin mining output.

While volatile short-term trading is likely around halving, it could enhance bitcoin's appeal as an inflation hedge to institutional investors over the long run.