So far I've bought into the idea that the halving causes a supply shock, but now I'm not so sure.
According to the metrics roughly 900 BTC are mined each day, which is roughly $30M/day.
Meanwhile the daily trading volume is roughly $15B/Day.
Assuming all mined coins are sold the day they are mined, this represents 0.2% of the daily trading volume. At halving this would reduce to 0.1%.
How does a reduction of 0.1% of supply have any effect at all?
What am I missing?
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