There's only 19 days left untill Bitcoin halving.
When we will look at the latest data, we can see that the chain of the cryptocurrency king remains in relatively normal activity. When we take a look at some different data however, it shows that crypto community is expecting a halving and it starts to withdraw their BTC from various exchanges. That is causing a lot of traffic on BTC chain and a total worth of transactions fees.
Glassnode reports that in last 24 hours total value of transaction fees raised by estimatly 50.7%
Indicator raised to 9 568 USD from previous value of 6 349 USD. Fees enables processing operations in Bitcoin chain, as all transactions need to get confirmation from miners. For those who don't know, miners are getting rewarded for every new block in chain they are able to mine. Nowadays it's 12,5 BTC per block, but soon it will be cut by half (halving) and it will be reduced to 6,25 BTC per block.
When miners are getting close to full block, volume of transactions is rising. That is causing a bigger fees for some of transactions than from the others. Glassnode also noticed that in last 24 hours we can see that average amount of fees per transaction has also increased to 58,8%.
Exchanges records minimums of BTC balances.
Referring to Glassnode once more, the latest results of it's other researches indicates that in last six months investors where mainly withdrawing their BTC from exchanges. Indexes of BTC balances on these exchanges reach the lowest point from past six months.
Should we getting ready for the biggest bullrun of this year ?
Few weeks ago financial markets were dismissing Bitcoin as nonsense. United States reports historically low unemployment rate and it's raising in other countries aswell. Negative treasury rates and recent negative oil prices. Is this the time when people will see more sense in crypto market then before?
Above all of that, we can notice that Bitcoin price is raising significantly lately and all altcoins are following this uptrend. Just take a look how BTC is performing in last month even during the pandemic caused by COVID-19.
With a halving event waiting around the corner and with all the sings we can see, I think that it all suggest we might be witnesses of the biggest bullrun of this year very soon.
