Bitcoin ETF

Bitcoin

BlackRock

Spot Bitcoin exchange-traded funds (ETFs) scooped up 10 times more Bitcoin&nbsp;than what miners were able to produce on Monday, Feb. 12.
<a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">According</a> to preliminary figures, at least $493.4 million, or roughly 10,280 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), flowed&nbsp;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, <a href="https://cointelegraph.com/news/2023-bitcoin-mining-review-miners-battle-record-hash-rates-difficulty">Bitcoin miners produced</a> around 1,059 BTC worth roughly $51 million,&nbsp;<a href="https://www.blockchain.com/explorer/charts/total-bitcoins" target="_blank" rel="noopener nofollow">according</a><a href="https://www.blockchain.com/explorer/charts/total-bitcoins" target="_blank" rel="noopener nofollow"></a> to Blockchain.com, which i just 10% of the amount of BTC being hoovered up by spot ETFs. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/32f26562-b687-4fa7-aa83-3716fa2bbdbf.jpg" alt="" title="">
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 Bitcoin supply growth against price. Source: Blockchain.com
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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. 
Related: <a href="https://cointelegraph.com/news/big-volume-day-blackrock-bitcoin-etfs-notch-1b-volume">‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume</a>
On Feb. 12, Bitcoin pioneer Anthony Pompliano commented that “Wall Street loves Bitcoin” in an interview on CNBC’s Squawk Box. 
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 “There is 12.5x more demand for Bitcoin than what is being produced on a daily basis.”
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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.”
<blockquote class="twitter-tweet">
 Wall Street LOVES bitcoin. They are buying up 12.5x more bitcoin per day than the network can produce. The march to a new all-time high is underway if this continues. I explain this on my segment with <a href="https://twitter.com/SquawkCNBC?ref_src=twsrc%5Etfw">@SquawkCNBC</a> this morning. <a href="https://t.co/0zRc3RQ4hY">pic.twitter.com/0zRc3RQ4hY</a>— Pomp (@APompliano) <a href="https://twitter.com/APompliano/status/1757030179489157575?ref_src=twsrc%5Etfw">February 12, 2024</a>
</blockquote> 
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-net-zero-2050-climate-change/">Bitcoin is on a collision course with ‘Net Zero’ promises</a>

Bitcoin ETFs are sucking up 10X more BTC than miners can produce

Cointelegraph

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