Willy Woo, an on-chain Bitcoin (BTC) analyst, is sounding the bullish alarm, citing strong demand and dwindling supply as reasons for optimism. Taking to X, Woo noted that Bitcoin soaks in an average of $607 million daily as an asset in new investor demand. In comparison, only $46 million of new supply is being created through mining.
Bitcoin Receives Over $607 Million In Value Everyday, What Happens After Halving?
The Bitcoin network is a proof-of-work platform reliant on miners for security and decentralization, rendering its transactions censorship-resistant and global. Though there are concerns about centralization, it appears that the broad network of miners holds more importance for the platform, explaining its colossal valuation.
Miners are rewarded with 6.25 BTC after every block, equating to around $46 million, after every 24-hour cycle. However, the fiat value, as expected, changes depending on spot rates.
Woo says the expanding demand, estimated to be abou
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