Spot Bitcoin ETF inflows have outpaced the amount of production from miners by over 10 times in the past two trading days.
Spot Bitcoin exchange-traded funds (ETFs) scooped up 10 times more Bitcoin than what miners were able to produce on Monday, Feb. 12.
According to preliminary figures, at least $493.4 million, or roughly 10,280 Bitcoin, flowed into spot Bitcoin ETFs as of Feb. 12.
BlackRock’s iShares Bitcoin Trust saw the lion’s share, with a massive $374.7 million flowing in. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund fund saw inflows of $151.9 million, with $40 million for Ark 21Shares Bitcoin ETF. Grayscale outflows of $95 million and $20.8 million from the Invesco Galaxy ETF slightly offset this, though net inflows were almost half a billion dollars.
On the same day, Bitcoin miners produced around 1,059 BTC worth roughly $51 million, according to Blockchain.com, which is just 10% of the amount of BTC being hoovered up by spot ETFs.
A similar trend was also observed on Feb. 9, with approximately 12,700 BTC or $541.5 million worth of the asset flowing into the ETFs in aggregate, compared to 980 BTC worth around $45 million added through mining.
BlackRock led the way with a $250.7 million inflow, while Fidelity again came second at $188.4 million. Ark 21Shares saw large inflows of $136.5 million, while Grayscale outflows fell to their lowest level for the week at $51.8 million, resulting in the bumper day of aggregate inflows.
On Feb. 12, Bitcoin pioneer Anthony Pompliano commented that “Wall Street loves Bitcoin” in an interview on CNBC’s Squawk Box.
“There is 12.5x more demand for Bitcoin than what is being produced on a daily basis.”
Around 80% of the total supply has not moved in the past six months, he said before adding that only around $200 billion in BTC is tradable, so these ETFs “have sucked up 5% of the entire tradable supply of Bitcoin in 30 days.”
Source: cointelegraph.com
Featured image from: cointelegraph.com