After the fourth halving, BTC’s stable issue rate was 0.83%, making it a more scarce asset compared to gold, which has a mining volume of approximately 2.3%.
Glassnode analysts published a weekly report that provides an analysis of Bitcoin’s fundamental network metrics regarding its halving. One of the most interesting facts noted in the document is the transition of the title of the most scarce asset in terms of issuance from gold to BTC whose daily mining volume has dropped to about 450 BTC.
Other interesting facts stated in the report include:
- The volume of BTC mined by the time of its halving amounted to 93.75% of its total issuance. In the next four years, another 3.125% — 656,600 BTC — will be mined.
- BTC issuance is currently only 0.1% of total market transactions, which is constantly growing.
- Currently, each unsold BTC has an average yield of 126%.
- Over the past four years, total revenue for miners exceeded $3 billion.
- Overall on-chain value transferred grew to $106.8 trillion, up 822% since the previous halving.
The periods between halving events are called epochs, meaning the fifth epoch began on April 20. Glassnode analysts highlighted interesting numbers related to the maximum growth and decline of the BTC price in relative terms:
- epoch 2: +5,315% and -85%;
- epoch 3: +1,336% and -83%;
- epoch 4: +569% and -77%.
They also separately analyzed the price dynamics of Bitcoin during the first year after the halving:
- epoch 2: +7,258% and -69.4%;
- epoch 3: +293% and -29.6%;
- epoch 4: +266% and -45.6%.
The report notes that the data from the third and fourth epochs are more revealing due to the more mature state of the market and the overall development of the crypto industry compared to the second epoch. Thus, the historical data indicates the possible prospect of a fall in the price of BTC in the range of 30% to 70% over the next year. The fifth epoch on the Bitcoin blockchain began on April 20, 2024.
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