The Spot Bitcoin Exchange Traded Fund (ETF) picked up more than 10 times as much Bitcoin as miners were able to produce on Monday, February 12th.
according to In preliminary figures, at least $493.4 million, or approximately 10,280 Bitcoin (BTC), had flowed into the Spot Bitcoin ETF as of February 12th.
BlackRock’s iShares Bitcoin Trust had the largest share with a huge inflow of $374.7 million. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund saw inflows of $151.9 million, of which the Ark21Shares Bitcoin ETF received $40 million. Net inflows were nearly $500 million, slightly offset by Grayscale outflows of $95 million and $20.8 million from the Invesco Galaxy ETF.
On the same day, Bitcoin miners produced approximately 1,059 BTC, worth approximately $51 million. according to Posted on Blockchain.com, only 10% of the BTC volume is collected by spot ETFs.
A similar trend was observed on February 9th, with a total of approximately 12,700 BTC or $541.5 million worth of assets flowing into the ETF, compared to 980 BTC (approximately $45 million worth) added through mining. .
BlackRock led the way with $250.7 million in inflows, while Fidelity once again came in second with $188.4 million. Ark 21Shares had a big inflow of $136.5 million, but Grayscale’s outflows fell to the lowest level of the week at $51.8 million, making it a bumper day for total inflows.
Related: Bitcoin ETF volume reaches $1 billion, “big volume day” for BlackRock
On February 12, Bitcoin pioneer Anthony Pompliano commented in an interview on CNBC’s Squawk Box that “Wall Street loves Bitcoin.”
“The demand for Bitcoin is 12.5 times the amount produced daily.”
He notes that about 80% of the total supply has not moved in the past six months, and since there is only about $200 billion in BTC available for trading, these ETFs will “extra 30 days’ worth of the entire tradable Bitcoin supply. “We have absorbed 5% of the total,” he added. ”
Wall Street loves Bitcoin.
They are buying up 12.5 times more Bitcoin per day than the network can produce.
If this situation continues, a march to new all-time highs is underway.
I will explain this in my segment @squawknbc this morning. pic.twitter.com/0zRc3RQ4hY
— Pump (@APompliano) February 12, 2024
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