Home Coin news Bitcoin ETF Inflows Outpaces Mining by Ten Times

Bitcoin ETF Inflows Outpaces Mining by Ten Times

13 Feb, 2024 Coin news

Bitcoin ETF Inflows Outpaces Mining by Ten Times

Spot Bitcoin exchange-traded funds (ETFs) accumulated Bitcoin at a rate ten times higher than the production by miners on Monday, February 12.

Initial data suggests that approximately $493.4 million, equivalent to around 10,280 Bitcoin, flowed into spot Bitcoin ETFs as of February 12.

The iShares Bitcoin Trust by BlackRock recorded the largest share, attracting a substantial $374.7 million.

Additionally, Fidelity’s Wise Origin Bitcoin Fund witnessed inflows of $151.9 million, while Ark 21Shares Bitcoin ETF received $40 million.

Although there were outflows of $95 million from Grayscale and $20.8 million from the Invesco Galaxy ETF, the net inflows amounted to nearly half a billion dollars.

Simultaneously, Bitcoin miners generated approximately 1,059 BTC valued at roughly $51 million on the same day, as reported by Blockchain.com.

This accounted for only 10% of the BTC influx into spot ETFs.

A similar pattern emerged on February 9, with approximately 12,700 BTC or $541.5 million worth of assets flowing into ETFs collectively, compared to 980 BTC worth about $45 million added through mining.

BlackRock led with a $250.7 million inflow, followed by Fidelity with $188.4 million.

Ark 21Shares experienced significant inflows of $136.5 million, while Grayscale recorded its lowest outflows for the week at $51.8 million, resulting in substantial aggregate inflows.

Bitcoin advocate Anthony Pompliano remarked on CNBC's Squawk Box on February 12 that "Wall Street loves Bitcoin," highlighting a demand for Bitcoin that exceeds daily production by 12.5 times.

He noted that around 80% of the total Bitcoin supply has remained stationary in the past six months, adding that only approximately $200 billion in BTC is available for trading.

Consequently, these ETFs have absorbed 5% of the entire tradable supply of Bitcoin in just 30 days.

Sources:

https://cointelegraph.com/news/bitcoin-etfs-scoop-10-x-more-btc-than-mined

https://www.blockchain.com/explorer/charts/total-bitcoins

https://twitter.com/APompliano/status/1757030179489157575

https://farside.co.uk/?p=997

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