Bitcoin ETFs Outshine Miners: Wall Street’s Frenzy Spurs 10-Fold Inflows in Two Days

Bitcoin ETFs Outshine Miners: Wall Street’s Frenzy Spurs 10-Fold Inflows in Two Days

Crypto News – In the past two trading days, spot Bitcoin ETF inflows have significantly outpaced the production from miners by over 10 times.

Spot Bitcoin exchange-traded funds (ETFs) have absorbed 10 times more Bitcoin than what miners were able to generate on Monday, Feb. 12.

Preliminary data indicates that at least $493.4 million, equivalent to roughly 10,280 Bitcoin, has flowed into spot Bitcoin ETFs as of Feb. 12.

BlackRock’s iShares Bitcoin Trust garnered the majority, with an impressive $374.7 million influx. Additionally, Fidelity’s Wise Origin Bitcoin Fund saw inflows of $151.9 million, with $40 million for the Ark 21Shares Bitcoin ETF. Despite Grayscale outflows of $95 million and $20.8 million from the Invesco Galaxy ETF, the net inflows reached almost half a billion dollars.

On the same day, Bitcoin miners produced approximately 1,059 BTC, valued at roughly $51 million, according to Blockchain.com. This represents just 10% of the Bitcoin acquired by spot ETFs.

A similar pattern emerged on Feb. 9, with around 12,700 BTC, worth $541.5 million, flowing into ETFs in aggregate, compared to 980 BTC, valued at approximately $45 million, added through mining.

BlackRock led the inflows with $250.7 million, followed by Fidelity with $188.4 million. Ark 21Shares also saw substantial inflows of $136.5 million, while Grayscale outflows dipped to their lowest level of the week at $51.8 million, resulting in a robust day of aggregate inflows.

On Feb. 12, Bitcoin pioneer Anthony Pompliano remarked, “Wall Street loves Bitcoin,” during an interview on CNBC’s Squawk Box.

He highlighted, “There is 12.5 times more demand for Bitcoin than what is being produced on a daily basis.” Pompliano noted that approximately 80% of the total Bitcoin supply has remained stagnant in the past six months. Moreover, he mentioned that only about $200 billion in BTC is tradable, indicating that these ETFs have absorbed 5% of the entire tradable supply of Bitcoin within 30 days.