Market Landscape After Bitcoin Halving: Sharp Decline in Mining Revenue, Continued Growth of Large Holders

Bitcoin completed its 4th Halving on April 20, with the block reward reduced to 3.125 BTC. This Halving had a direct impact on mining, leading to a significant short-term decrease in miner income. At the same time, the Halving also affected Bitcoin's inflation rate, with market expectations that increased scarcity would drive up the coin's price. However, the reality is that since the Halving, Bitcoin has remained in a high-level sideways adjustment, with a slight price drop of 3.87%, putting immense pressure on miners and causing some short-term investors to face losses.

Essentially, each Halving is a process of rebalancing market supply and demand. During this process, there are several market trends worth noting:

1. Since March, the proportion of Bitcoin loss-making chips has risen from 1.28% to 15.18%. After the Halving, the average SOPR index for short-term investors is 0.99972, indicating that many short-term investors may have incurred losses due to the expectations of the Halving.

2. After the Halving, the on-chain token circulation rate decreased by 23%, with more chips in the accumulation process. From a time perspective, the number of coins held for 1-3 months, 3-6 months, and 3-5 years has significantly increased this year. In terms of the balance of holding addresses, the number of addresses holding between 100-1000 BTC and 1000-10000 BTC has increased significantly by more than 1.3%.

3. After the Halving, miners face significant revenue pressure. Based on the current coin price and high electricity costs, the shutdown price has reached $55,000, a significant increase from $14,300 last August.

4. The current total daily mining revenue is approximately $26.4871 million, a decrease of 51.63% compared to the average daily revenue of $54.7623 million before the Halving. The current daily transaction fees are about $2.28 million, down 34% from the average before the Halving.

5. If we assume that the transaction fee income remains unchanged, to reach the daily average income level before the Halving, the coin price needs to reach $94,489.82, an increase of 51.63% compared to the current level.

6. If we assume that the coin price remains unchanged, to reach the daily average income level before the Halving, the number of daily transactions needs to reach 1.6737 million (, which is an increase of 202.49% compared to the post-Halving daily average ), or the average transaction fee needs to reach 0.00080317 BTC (, which is an increase of 206.08% compared to the post-Halving daily average ).

7. The strong demand for Runes during its initial launch brought huge profits to miners, contributing 881 BTC in transaction fees on the first day of launch.

After the Halving, the average network hash rate over 7 days ( has significantly decreased. The current hash rate is 582.2 EH/s, down 7.43% compared to the day of the Halving. The decrease in hash rate exceeds the decrease in coin price, which may indicate that some miners have shut down their machines to maintain profit margins.

![BTC Halving后的动态平衡：挖矿收入骤降，关机价来到5.5万美元，大额持币者快速增长])https://img-cdn.gateio.im/webp-social/moments-50a6aa471eaa677533f1eda79db98162.webp(

From the demand side, the current TVL on the Bitcoin chain has reached 1.208 billion USD, rising 296% since the beginning of this year, and has remained stable after the Halving. Among them, except for the Lightning Network, the newly launched AINN Layer2 has performed well, with a TVL of 590 million USD. Applications such as BiFi, Maya Protocol, and BoringDAO have also achieved rapid growth in TVL this year.

![BTC Halving后的动态平衡：挖矿收入骤降，关机价来到5.5万美元，大额持币者快速增长])https://img-cdn.gateio.im/webp-social/moments-6c6004603d838f93230492913b8fb00a.webp(

However, the trading activity related to Runes has declined. The number of transactions dropped from a peak of 463,600 to 79,400, resulting in fees falling from 881 BTC to 4 BTC. How to maintain the continued demand for projects like Runes has become a key issue.

![BTC Halving后的动态平衡：挖矿收入骤降，关机价来到5.5万美元，大额持币者快速增长])https://img-cdn.gateio.im/webp-social/moments-efbf0a687ae207cf0179543310f8ffb0.webp(

Overall, the Bitcoin market is undergoing a new round of dynamic equilibrium after the Halving. Although the mining industry is facing short-term pressure, the rise of large holders and the emergence of new applications may bring new development momentum for Bitcoin.

![BTC Halving后的动态平衡：挖矿收入骤降，关机价来到5.5万美元，大额持币者快速增长])https://img-cdn.gateio.im/webp-social/moments-2235aa1eaa8f2515551e716ae6af1b6f.webp(

![BTC Halving Dynamic Equilibrium: Mining Revenue Plummets, Shutdown Price Reaches $55,000, Large Holders Rapidly Increase])https://img-cdn.gateio.im/webp-social/moments-5ffec823e5e3606996c1b86167233670.webp(