Bitcoin’s (BTC-USD) recent price surge has caught plenty of attention, especially with the unexpected win by Donald Trump in the U.S. presidential election. But according to Jesse Myers, co-founder of Onramp Bitcoin, Trump’s win isn’t the full story here. Myers has suggested that a more significant driver is Bitcoin’s “post-halving supply shock,” and he’s got data to back it up.
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Halving Sparks a Supply Shortage
For those less familiar with Bitcoin’s cycles, the recent halving event last April is a big deal. According to CoinTelegraph, it cut the rewards for Bitcoin miners in half, meaning they’re now earning 3.125 BTC per block rather than 6.25 BTC. This shift creates a tighter supply since fewer Bitcoin enter circulation each day, adding pressure to a market already short on supply. Myers noted, “There’s not enough supply available at current prices to satisfy demand,” explaining that demand and supply need to meet—and the only way for that to happen is through a rise in prices.
ETFs Fuel Demand Surge
If the halving wasn’t enough, Bitcoin ETFs are also making a big impact. U.S. Bitcoin ETFs launched earlier this year have generated a buying spree. On just one day, Nov. 11, U.S. Bitcoin ETFs added around 13,940 BTC to their portfolios, according to Onramp Bitcoin. To put that in perspective, only about 450 BTC were mined that day. Myers believes this influx will likely keep pushing prices upward, saying it’ll “flywheel into mania and a bubble.”
Lessons from Past Halvings
Bitcoin’s history supports this theory. Myers pointed out that previous halvings in 2012, 2016, and 2020 all led to bubbles and massive price increases. On-chain analyst James Check agrees, noting Bitcoin’s scarcity compared to assets like gold, which, while valuable, has billions in new supply yearly. Bitcoin’s market cap remains just $1.6 trillion, with only about 1.2 million BTC left to mine.
Bitcoin Set for Further Highs
Other experts like Anthony Scaramucci are bullish as well, with the financier suggesting the U.S. may eventually establish a strategic Bitcoin reserve—a sentiment he shared on Nov. 12. He assured potential investors, “It may feel like you missed it, but you didn’t. It’s early,” echoing confidence that Bitcoin’s price is set for further highs.
With demand at an all-time high and the impact of April’s halving still unfolding, it seems like Bitcoin’s path forward is all about supply and demand—a fundamental principle driving what might be Bitcoin’s next historic rally.
At the time of writing, Bitcoin is sitting at $86,503.15.
