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Bitcoin Price Soars as Spot ETFs Amass Ten Times More BTC Than Miners’ Production

The price of Bitcoin has soared beyond the $50,000 threshold, driven by an unprecedented surge in investments from spot Bitcoin exchange-traded funds (ETFs).

These ETFs have accumulated an astounding tenfold more Bitcoin (BTC) than what miners produced on Monday.

Specifically, data indicates that as of February 12, approximately $493.4 million, equivalent to about 10,280 BTC, has flowed into spot Bitcoin ETFs.

Leading the pack is BlackRock’s IBIT, which attracted a whopping $374.7 million.

Fidelity’s FBTC fund closely follows with a significant influx of $151.9 million, while Ark 21Shares’ ARKB fund secured $40 million.

Despite these substantial inflows, there were minor outflows of $95 million from Grayscale and $20.8 million from Invesco’s BTCO, resulting in a net inflow of nearly half a billion dollars.

In contrast, Bitcoin miners only produced approximately 1,059 BTC, equivalent to roughly $51 million, on the same day, according to data from Blockchain.com.

This represents just 10% of the BTC accumulated by spot ETFs.

A similar pattern was observed on February 9th, with spot ETFs capturing approximately 12,700 BTC, worth a staggering $541.5 million, while mining contributed only 980 BTC, valued at around $45 million.

BlackRock and Fidelity Dominate ETF Inflows

BlackRock continued to lead in terms of inflows, with $250.7 million pouring in on February 9.

Fidelity closely followed with an inflow of $188.4 million, while Ark 21Shares experienced substantial inflows of $136.5 million.

Grayscale saw its outflows decrease to the lowest level of the week at $51.8 million, resulting in an overall bumper day aggregate inflow.

In a recent interview on CNBC’s Squawk Box, Bitcoin pioneer Anthony Pompliano underscored Wall Street’s growing embrace of Bitcoin.

He highlighted a demand for Bitcoin that is 12.5 times greater than its daily production.

Pompliano pointed out that about 80% of the total Bitcoin supply has remained stagnant over the past six months, with only approximately $200 billion worth of BTC being actively tradable.

Thus, the spot ETFs have managed to accumulate 5% of the entire tradable supply of Bitcoin in just 30 days, illustrating the significant appetite for the cryptocurrency.

Spot BTC ETFs See Increased Trading Volume

Spot Bitcoin ETFs witnessed their total daily trading volume surpassing $1 billion last week, with BlackRock emerging as the top performer.

Additionally, both BlackRock and Fidelity’s spot Bitcoin ETFs ranked among the top 10 funds with the highest inflows in January.

BlackRock’s IBIT secured the eighth position with an estimated $2.6 billion in net flows, while FBTC claimed the tenth spot, attracting $2.2 billion in net flows.

In contrast, the Grayscale Bitcoin Trust (GBTC) faced significant outflows, with approximately $5.7 billion exiting the fund in January, marking the second-highest outflows among ETFs.

However, during the trading days from January 26 to February 2, the inflows into the new spot Bitcoin funds surpassed the outflows from GBTC. GBTC experienced its second-lowest outflow day on February 2, amounting to $144.6 million.

Currently, the price of Bitcoin is hovering around the $50,000 mark, reflecting an increase of more than 4% over the past day.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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