Fred Thiel, the CEO of Marathon Digital, doesn't think that the upcoming Bitcoin halving will impact the crypto's price.

As the Bitcoin Halving approaches, many in the market expect that a decrease in supply post-halving will continue to drive a bullish trend. However, Fred Thiel believes that the expected halving may not have a significant effect on Bitcoin's price.

Thiel, head of the largest US cryptocurrency miner, suggests that the impact of the halving has already been factored into Bitcoin's movement. He also notes that the approval of Bitcoin ETFs has boosted interest in the crypto, potentially reducing the price impact from the supply reduction related to the halving.

In a recent interview with Bloomberg TV, Fred Thiel stated that the approval of ETFs has brought capital into the market earlier than expected, potentially influencing price movements that would typically occur post-halving.

Marathon Digital's wallets hold over $1.1 billion in Bitcoin in 23 addresses, amounting to a significant portion of the market. Recent data suggests a surge in Bitcoin holdings just before the halving, indicating a trend of stockpiling assets in anticipation of the code upgrade.

Market watchers believe that the upcoming halving is the main driver behind increased hoarding of Bitcoin and interest in ETFs. Despite recent fluctuations in the market, large investors are seen accumulating large amounts of Bitcoin in preparation for potential future gains once the halving takes effect. It seems that these whales are positioning themselves for success as the rewards for miners are set to decrease.