Bitcoin ETF spot funds have accumulated over 10 times more BTC than what mining companies can generate on Monday, February 12th.
Preliminary figures show that at least $493.4 million, equivalent to approximately 10,280 Bitcoin (BTC), flowed into Bitcoin ETF spot funds on February 12th.
BlackRock’s iShares Bitcoin Trust dominated with a whopping $374.7 million influx. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund saw $151.9 million, Ark 21Shares Bitcoin ETF $40 million. However, not all funds witnessed inflows. Grayscale ETF and Invesco Galaxy ETF experienced outflows of $95 million and $20.8 million, respectively.
On the same day, Bitcoin mining companies generated about 1,059 BTC worth around $51 million, according to Blockchain.com, representing only 10% of the BTC amount raised by ETF spot funds.
A similar trend was observed on February 9th, with around 12,700 BTC or $541.5 million flowing into ETF funds, compared to 980 BTC worth $45 million added to circulation from mining activities.
On February 12th, Bitcoin advocate Anthony Pompliano noted that “Wall Street loves Bitcoin” in an interview on CNBC’s Squawk Box.
Bitcoin demand exceeds production by 12.5 times daily.
He mentioned that about 80% of the total supply hasn’t moved in the last six months, adding that only about $200 billion of BTC is tradable, so these ETF funds “have absorbed 5% of the total Bitcoin supply that could be traded within 30 days.