In the last two days of trading, the influx of capital into Bitcoin spot ETFs has been about 10 times the daily production of miners.
In the weeks following the SEC approval, a veritable financial rush to purchase Bitcoin spot ETFs was triggered. In the last two days of trading on the markets, demand for the ETFs has exceeded the number of bitcoin produced daily by miners by 10 times.
The statistics of the ETFs
Based on preliminary data, on February 12th, there was a total purchase of 10,280 bitcoin, equivalent to approximately $493.4 million. On the same day, bitcoin production amounted to only 1,059 bitcoin, approximately $51 million. During Monday, BlackRock‘s IBIT saw the highest inflow, with approximately $374.7 million. Fidelity‘s FBTC recorded inflows of $151.9 million, while Ark 21Shares ETF saw an inflow of $40 million. Conversely, Grayscale and Invesco funds saw outflows of approximately $95 million and $20.8 million, respectively.
Similar data was observed on February 9th, with a total purchase by investment companies of 12,700 bitcoin, approximately $541.5 million, compared to 980 bitcoin, approximately $45 million, produced by miners. On that day, BlackRock saw a capital inflow of $250.7 million, followed by Fidelity with $188.4 million.
MicroStrategy and its strategy
The preliminary data on ETFs finds confirmation in the words of Michael Saylor, co-founder and executive chairman of MicroStrategy.
In an interview with CNBC, Saylor stated that the demand for ETFs is 10 times higher than the selling supply from miners.
Saylor then announced MicroStrategy’s intention to become a Bitcoin development company, confirming its strategy to continue accumulating the asset and promoting network growth. The executive chairman commented on the company’s move as follows:
“It’s a natural decision for us given the success of our Bitcoin strategy and our unique status as the world’s largest public company holder of bitcoin. It makes sense for us to call ourselves a bitcoin development company”.
