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Bitcoin Soaks In Over $607 Million Everyday, Will This 3X After Halving?

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Willy Woo, an on-chain Bitcoin (BTC) analyst, is sounding the bullish alarm, citing strong demand and dwindling supply as reasons for optimism. Taking to X, Woo noted that Bitcoin soaks in an average of $607 million daily as an asset in new investor demand. In comparison, only $46 million of new supply is being created through mining.

Bitcoin Receives Over $607 Million In Value Everyday, What Happens After Halving?

The Bitcoin network is a proof-of-work platform reliant on miners for security and decentralization, rendering its transactions censorship-resistant and global. Though there are concerns about centralization, it appears that the broad network of miners holds more importance for the platform, explaining its colossal valuation.

Miners are rewarded with 6.25 BTC after every block, equating to around $46 million, after every 24-hour cycle. However, the fiat value, as expected, changes depending on spot rates.

Woo says the expanding demand, estimated to be about $607 million per day, considers changes in the realized cap. It is a metric that shows the total amount investors have paid for the current circulating BTC. The total value takes into account the price when each was bought.

Bitcoin network flows | Source: Willy Woo on X

While useful, Woo notes that the realized cap, and thus, the level of demand injected into Bitcoin, is conservative. The weakness stems from the realized cap only capturing on-chain transactions.

It is this shift in imbalance, Woo pins on, that may propel prices even higher in the coming sessions. The on-chain analyst sees the current trend accelerating further ahead of the next Bitcoin

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Author: Dalmas Ngetich

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