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Bitcoin ETFs Outpace Miners, Attracting Wall Street’s Gaze

Spot Bitcoin ETFs have accumulated a staggering ten times the BTC produced by miners, highlighting Wall Street's growing appetite for cryptocurrency.

In a recent surge of interest from Wall Street, spot Bitcoin exchange-traded funds (ETFs) have amassed an impressive tenfold more Bitcoin (BTC) than what miners were able to generate, particularly noticeable on Monday. The spotlight shone brightly on BlackRock’s IBIT and Fidelity’s FBTC, which led the charge with massive inflows, underscoring the financial giants’ confidence in cryptocurrency’s future.

As of February 12, the inflow into these ETFs was approximately $493.4 million, equivalent to around 10,280 BTC, dwarfing the miners’ production of about 1,059 BTC, valued at roughly $51 million. This disparity points to a significant shift in investment strategies, with ETFs becoming a dominant player in the BTC market. Notably, BlackRock’s IBIT attracted a whopping $374.7 million, while Fidelity’s FBTC saw a substantial $151.9 million inflow, and Ark 21Shares’ ARKB secured $40 million, despite minor outflows from Grayscale and Invesco’s BTCO.

This trend was not isolated to a single day. On February 9, a similar pattern emerged, with ETFs capturing approximately 12,700 BTC, worth about $541.5 million, in stark contrast to the 980 BTC produced by mining, valued at around $45 million. BlackRock led the influx with $250.7 million, followed by Fidelity with $188.4 million and Ark 21Shares with significant inflows of $136.5 million.

Amidst this remarkable influx, Anthony Pompliano, a renowned Bitcoin pioneer, emphasized Wall Street’s burgeoning interest in Bitcoin during an interview on CNBC’s Squawk Box. He highlighted that demand for Bitcoin is currently 12.5 times greater than its daily production rate. With approximately 80% of the total BTC supply remaining stagnant over the past six months, only about $200 billion worth of BTC is actively tradable. This means that these ETFs have effectively captured 5% of the entire tradable supply of Bitcoin in just 30 days.

The trading volume of spot Bitcoin ETFs further illustrates this trend, with total daily trading volume surpassing $1 billion last week, making BlackRock the standout performer. Both BlackRock’s IBIT and Fidelity’s FBTC ranked among the top 10 funds with the highest inflows in January, securing the eighth and tenth spots, respectively. In contrast, the Grayscale Bitcoin Trust (GBTC) saw significant outflows, marking a shift in investor preference towards these new investment vehicles.

As Bitcoin’s price hovers around the $50,000 mark, up more than 4% over the past day, the spotlight on spot Bitcoin ETFs and their ability to attract substantial investments reflects a changing landscape. Wall Street’s growing affinity for Bitcoin, coupled with the strategic positioning of ETFs, signals a new era of cryptocurrency investment that balances accessibility with the pioneering spirit of digital currency markets.


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