The upcoming Bitcoin halving might not cause a price surge, according to Marathon Digital's CEO, Fred Thiel.

Market participants anticipate that the post-halving supply crunch will maintain a bullish trend. However, Fred Thiel of Marathon Digital holds a contrasting view. He believes that the much-anticipated halving will not significantly impact Bitcoin's price.

Bitcoin Halving Effect Already Priced In

Fred Thiel, CEO of the largest US cryptocurrency miner, Marathon Digital, argues that the effect of Bitcoin halving has already been factored into its price movement. He also highlights that the surge in interest in Bitcoin ETFs has already significantly boosted interest in Bitcoin. Additionally, the impact of a halving-induced reduction in supply on the price might be minimal.

In a recent interview with Bloomberg TV, Marathon Digital Holdings Inc.'s CEO, Fred Thiel, stated that the successful Bitcoin ETF approval has attracted capital into the market, advancing what would have been a typical price appreciation seen three to six months post-halving.

Marathon's Bitcoin Accumulation Before Halving

Marathon Digital's wallets, holding over $1.1 billion in Bitcoin and 23 addresses, were recently discovered before the halving. In 2023, these on-chain wallets generated $387.5 million in revenue by mining 12,85K Bitcoins.

A spike in inflows before the halving indicates that Bitcoin holders are likely hoarding them ahead of the code upgrade. This hoarding behavior is driven by the expectation of a bull run following the halving.

The impending halving is the primary reason for market participants' hoarding of Bitcoin and their strong interest in Bitcoin ETFs. Despite recent market turbulence, BTC whales have been actively accumulating significant amounts of BTC as the halving approaches. This accumulation pattern suggests that large investors are optimistic, especially considering the upcoming fourth halving. It seems like whales are positioning themselves for potential future gains in the Bitcoin market as the miner payout is about to decrease.