Bitcoin Price Soars as Spot ETFs Amass Ten Times More BTC Than Miners’ Production
Bitcoin price has surged past the $50,000 mark, fueled by an unprecedented influx of investments from spot Bitcoin exchange-traded funds (ETFs).
These ETFs have managed to accumulate a staggering ten times more Bitcoin (BTC) than what miners were able to produce on Monday.
More specifically, data shows that approximately $493.4 million, equivalent to around 10,280 BTC, flowed into spot Bitcoin ETFs as of February 12.
Among these funds, BlackRock’s IBIT emerged as the clear leader, attracting a massive $374.7 million.
Fidelity’s FBTC fund followed closely behind with a substantial inflow of $151.9 million, while Ark 21Shares’ ARKB fund secured $40 million.
Despite these significant 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 only 10% of the amount of BTC accumulated by spot ETFs.
A similar trend was observed on February 9th, with spot ETFs capturing approximately 12,700 BTC, worth a staggering $541.5 million, while mining contributed a mere 980 BTC, valued at around $45 million.
BlackRock has been taking the lead in terms of inflows, with an inflow of $250.7 million on February 9.
Fidelity followed closely behind with an inflow of $188.4 million, and Ark 21Shares witnessed substantial inflows of $136.5 million.
Grayscale’s outflows decreased to their 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 highlighted Wall
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