Grayscale: The Bitcoin ETF could alter the supply-demand ratio, offsetting selling pressure from miners after halving and benefiting the price

According to an analysis report by asset management company Grayscale, fundamental changes in Bitcoin's supply and demand balance may have a greater impact on the price of cryptocurrencies, especially the upcoming halving event. Historically, a period of price increase usually follows a halving event. However, a new factor (i.e., ETF) will also affect Bitcoin's performance in this year's April halving event. The report points out: "In addition to the overall positive on-chain fundamentals, Bitcoin’s market structure is favorable for prices after the halving." After each block mining reward is reduced to 3.125 Bitcoins post-halving, miners typically sell more of their Bitcoin inventory to cope with cost pressures, thereby increasing supply and lowering prices.