These funds are currently exerting a significant influence on Bitcoin's availability, which could overshadow the halving's impact on the market in the short to medium term.
The ETFs are, in essence, preempting the halving's impact by already tightening the available supply through their substantial and continuous buying activity. In other words, the supply squeeze usually expected from halvings may already be in effect due to ETFs’ large-scale bitcoin acquisitions. These funds are currently exerting a significant influence on Bitcoin's availability, which could overshadow the halving's impact on the market in the short to medium term.