Back to collectionHalving arithmetic meets the cost of waiting
The September rebound had faded, and the Night Watchman was still answering key holders in the community. Onchain volume was exceptionally thin, and market makers’ spreads widened again. The exchange briefly gave the group something more concrete than a price chart, but it did not ease holders’ immediate strain.
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The September rebound had faded, and the Night Watchman was still answering key holders in the community. With the price weakening, some looked to the drop in output after each halving for a reason to keep waiting.
Onchain volume was exceptionally thin, and market makers’ spreads widened again. In the Chinese-language group, someone worked through the halving arithmetic: output would halve round after round, so new selling pressure should eventually thin out. Then he asked who could last until that day. The Night Watchman did not offer a price forecast; he asked the group to distinguish lower output from whether current holders wanted to sell.
The exchange briefly gave the group something more concrete than a price chart, but it did not ease holders’ immediate strain. The Night Watchman planned to explain the halving mechanism clearly while leaving room for people to discuss how hard it was to exit. No one could yet say what the market would do as output fell.