So many bitcoin luminaries, great people way smarter than me, as well as YouTube and x grifters have been talking non stop bullish around the combination of the etf and the halving.

But none of them, that I have heard, have considered the 600k disgruntled gray scale btc that might have been waiting for years to escape and now they have their chance.

At the halving the yearly output will be approx 160k btc which over 4 years is just over 600k.

This means the halving might not actually happen if all the gbtc is sold as well.

The supply shock could well be too much bitcoin!