Based

Reddit

Bitcoin

Million

April

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 <a class="editor-rtfLink" href="https://twitter.com/woonomic/status/1760821645395341766" target="_blank" rel="noopener nofollow">noted</a> 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.&nbsp; 
<h2 id="bitcoin-receives-over-607-million-in-value-everyday-what-happens-after-halving">Bitcoin Receives Over $607 Million In Value Everyday, What Happens After Halving?</h2> 
The Bitcoin network is a proof-of-work platform reliant on <a href="https://bitcoinist.com/bitcoin-miners-eia-ceo-fight-back/" target="_blank" rel="noopener ">miners</a> 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.&nbsp; 
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.&nbsp; 
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. 
<img loading="lazy" decoding="async" class="size-full wp-image-283294" src="https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718" alt="Bitcoin network flows | Source: Willy Woo on X" width="1024" height="718" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=2316 2316w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=599 599w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=941 941w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/GG-vfJxaoAAx1Wp.jpg?resize=1024%2C718?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
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 halving set for early April 2024.&nbsp; 
Bitcoin halving occurs approximately every four years, reducing the new BTC created per block by 50%. The on-chain analyst thinks this decrease in supply, coupled with the already strong demand, will push prices higher, rapidly increasing the realized cap.&nbsp; 
<h2 id="reddit-plans-to-go-public-buying-btc-and-eth">Reddit Plans To Go Public, Buying BTC And ETH</h2> 
Woo’s optimism follows encouraging news that Reddit, the popular social media platform, will invest some excess cash into Bitcoin and Ethereum (ETH). Recent reports <a class="editor-rtfLink" href="https://www.nytimes.com/2024/02/22/technology/reddit-initial-public-offering.html" target="_blank" rel="noopener nofollow">reveal</a>&nbsp;that Reddit plans to go public, filing for an initial public offering (IPO) this week.&nbsp; <a href="https://www.tradingview.com/x/rnMQYXXA/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/rnMQYXXA/" alt="Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
The endorsement of crypto by a major technology company showcases the growing institutional adoption, a net positive for investor confidence. So far, Reddit’s IPO prospectus&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm" target="_blank" rel="noopener nofollow">shows</a><a href="https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm" rel="nofollow noopener" target="_blank">&nbsp;</a>that its revenue expanded 20% in 2023. 
The platform also boasts over 70 million daily active users. Based on this, once it goes public, it is likely that a significant portion of funds will be injected into BTC and ETH.

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

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