Bitcoin ETFs Purchase 6,573 BTC, Doubling Miner Output in a Week

News

  • Spot Bitcoin ETFs acquired 6,573 BTC, exceeding miners’ 3,150 BTC production over the past week.
  • BTC ETFs continue to influence supply dynamics as institutional demand surges in the market.
  • The upcoming 2024 Bitcoin halving event is expected to reduce the new BTC supply, adding scarcity to the market.

Spot Bitcoin ETFs purchased 6,573 Bitcoin (BTC) last week, while miners only produced 3,150 BTC during the same period. 

Spot BTC ETF Buying Activity Surpasses Mining Production

In a recent post by Bitcoin Magazine via the X Space, over the past week, the acquisition of 6,573 BTC by Spot Bitcoin ETFs more than doubled the total Bitcoin output by miners, who collectively produced 3,150 BTC. On September 20, a total of 450 BTC was mined, while U.S. ETFs purchased 1,460 BTC on the same day. 

Since the ETF launch on January 10, miners have produced 165,317 BTC, whereas U.S. ETFs have bought 298,015 BTC over the same period. This data shows that U.S. ETFs have purchased significantly more Bitcoin than what has been mined, which may influence market dynamics.

Tracking Bitcoin Supply: Will ETFs Drive a Shortage?

The numbers show a clear trend in which U.S. ETFs accumulate BTC faster than miners can produce, creating a difference between new supply and ETF demand, particularly visible in the weekly and cumulative figures. 

Spot BTC ETFs have become famous in the crypto space. These ETFs allow investors to gain an understanding to Bitcoin without directly holding the asset. They track the price of Bitcoin and are typically backed by physical BTC holdings. 

Mining Production Slows as Demand for BTC Grows

ETFs have been purchasing BTC for some time now, while miners have been steady in creating new ones. The total number of BTC is 21 million, and new Bitcoins going into circulation reduces with time because the block reward halves every four years. 

The last Bitcoin halving took place in May 2020 and the next one should occur in 2024; This action will make the number of new Bitcoins generated daily even smaller, in addition to increasing the supply and demand ratio.

The post Bitcoin ETFs Purchase 6,573 BTC, Doubling Miner Output in a Week appeared first on Crypto News Land.

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