CoinShares: ETF Demand for Bitcoin Exceeds Mining Pace 3x
The daily growth rate of digital gold reserves in spot Bitcoin ETFs is 2,800 BTC, while the supply only increases by 900 BTC.
This increase in demand has caused a sharp decrease in the amount of Bitcoin held on centralized exchanges, with experts calculating a 28% drop compared to 2020 levels.
The experts stated that until recently, Bitcoin’s price movements were mainly influenced by expectations of lower interest rates. However, with the approval of spot ETFs, these funds have had a significant impact on the price trends of the cryptocurrency.
This was evident on October 28, when the price of Bitcoin skyrocketed to $64,000, its highest point since November 2021.
According to Bloomberg analyst James Seyffart, the trading volume for partial trading sessions in these ETFs was a record-breaking $6.3 billion.
