On Monday, Feb. 12, spot Bitcoin exchange-traded funds (ETFs) experienced a significant surge, acquiring approximately 10 times more Bitcoin than the amount mined on that day.
Preliminary data indicates that around $493.4 million, equivalent to about 10,280 Bitcoin (BTC), flowed into spot Bitcoin ETFs on Feb. 12. Notably, BlackRock’s iShares Bitcoin Trust garnered the largest share, with a substantial $374.7 million influx. Fidelity’s Wise Origin Bitcoin Fund followed with $151.9 million, while Ark 21Shares Bitcoin ETF received $40 million.
Despite significant inflows, Grayscale experienced outflows of $95 million, and the Invesco Galaxy ETF saw $20.8 million leave. Nonetheless, the aggregate net inflows amounted to almost half a billion dollars.
The amount of Bitcoin acquired through spot ETFs far surpassed the Bitcoin mined on Feb. 12. Miners produced approximately 1,059 BTC, valued at roughly $51 million, representing only 10% of the BTC absorbed by spot ETFs.
A comparable trend was observed on Feb. 9, with a substantial inflow of Bitcoin into ETFs, surpassing the amount mined. BlackRock and Fidelity remained prominent contributors to these inflows.
Bitcoin advocate Anthony Pompliano highlighted the Wall Street enthusiasm for Bitcoin, emphasizing that demand for Bitcoin significantly exceeds daily production. He noted that around 80% of the total Bitcoin supply has remained dormant for the past six months and emphasized the impact of ETFs, which have absorbed a notable portion of Bitcoin’s tradable supply within a short timeframe.
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