Philip Gradwell, chief economist at Chainalysis, discussed what happened on the blockchain last week, which was the week before the bitcoin halving.
- (28:36) The BTC price has been above its long-term averages between April 27-May 10. “Throughout that week, we’ve seen prices we haven’t seen for a long time,” said Gradwell.
- (29:02) Exchange flows are also above long-term averages. “The fact that the price remained high even as we had these large inflows really suggests that demand was strong ahead of the halving,” said Gradwell.
- (31:43) “What’s going to happen after the halving? Well, people are worried about the reduction in supply. There’s about 900 BTC fewer a day now being mined than there were last week. I actually don’t think that is going to create such a big problem in terms of supply. The reason why is because there are many, many millions of bitcoin that have been mined. And 11.4 million of those are actually in the hands of longer-term investors.”
