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Spot Bitcoin exchange-traded funds (ETF) gathered ten times more Bitcoin (BTC) than what miners could produce on Monday. According to preliminary data, as of February 12, spot Bitcoin ETFs experienced a net inflow of at least 493.4 million dollars or roughly 10,280 BTC.
Current State of ETFs
BlackRock’s IBIT took its share with a massive entry of 374.7 million dollars. Additionally, Fidelity’s FBTC fund saw an entry of 151.9 million dollars, and there was 40 million dollars for Ark 21Shares’ ARKB fund. This situation was somewhat balanced by a 95 million dollar outflow from Invesco’s BTCO and a 20.8 million dollar outflow from Grayscale, yet the net inflow was nearly half a billion dollars. On the same day, according to Blockchain.com, Bitcoin miners produced about 1,059 BTC worth approximately 51 million dollars, and only 10% of this amount was collected by spot ETFs.
A similar trend was observed on February 9. Compared to approximately 45 million dollars worth of 980 BTC added through mining, a total of about 12,700 BTC or 541.5 million dollars in assets moved to ETFs. BlackRock led with an entry of 250.7 million dollars, while Fidelity was second with 188.4 million dollars. Ark 21Shares saw a significant entry of 136.5 million dollars, and Grayscale’s outflows fell to the week’s lowest level at 51.8 million dollars, resulting in a day with a fruitful total inflow. Bitcoin analyst Anthony Pompliano said in an interview with CNBC’s Squawk Box on February 12:
Wall Street loves Bitcoin. There is 12.5 times more demand for Bitcoin than what is produced daily.
The Mining Sector in BTC
He mentioned that about 80% of the total supply had not moved in the last six months, indicating that only about 200 billion dollars worth of BTC could be bought and sold, thus these ETFs reduced the total tradable Bitcoin supply by 5% within 30 days. Consequently, on February 12, spot Bitcoin exchange-traded funds collected ten times more Bitcoin than was mined. A net flow of 493.4 million dollars or 10,280 BTC occurred. Significant entries by major players like BlackRock and Fidelity increased ETFs’ demand for Bitcoin. Analysts suggest this underscores Bitcoin’s allure on Wall Street.
