Bitcoin ETF Issuers Buy Bitcoin 20x Faster Than Miners
Bitcoin ETF issuers are acquiring BTC more than 20 times faster than miners can produce new blocks, according to a worrying new report.
In total, they purchased more than 9,000 items on Friday and Monday, and prices only went up. This higher consumption rate persists despite Bitcoin’s recent downturn, suggesting this is here to stay.
Bitcoin and ETF Issuers
Analysts pointed out Bitcoin ETF Issuers Purchased over nine thousand Bitcoins FridayJanuary 3. This rate is much higher than usual. However, on Monday they increased this price, purchasing over 9,600 Bitcoins.
“Yesterday, the US Spot Bitcoin ETF took in another (absolutely huge) 9,624 BTC. Keep in mind, only about 450 are mined per day. This is the second business day with buying volumes over 9,000. ‘Take it while you still can’ some/take yours’,” claim Sean Edmondson.
since Bitcoin ETF approved for first timeall 12 issuers have become among the biggest whales in the industry. In October, the amount of BTC they purchased was 5 times global mining production, and this number only increased to over 20 times.
Together they own 5% of the total supply in November, Exceeded Satoshi Nakamoto’s holdings soon.
Although IBIT’s Bitcoin ETF was recently called “The greatest offering in the history of the stock exchange”, the market still sees Trouble in early 2025. last week, IBIT outflows US$330 millionbroke his own record.
Other issuers Facing a similar downturn. Still, this bearish signal didn’t stop acquisitions.
For months, community members have worried that BlackRock and other ETF issuers would Impact on Bitcoin’s inherent decentralization. This accelerated buying trend adds to these concerns.
ETF holdings surpassed Satoshi Nakamoto’s holdings a month ago, but analyst Eric Balchunas said famous They already account for 4% of the infamous creator’s Bitcoin holdings.
Ultimately, this buying pressure could have truly irreversible effects on the cryptocurrency market. Just over two months ago, the ETF issuer was mining five times the total output of Bitcoin miners.
It now produces more than 20 times what it produced, and bearish market signals only lead to greater buying. There are currently no countermeasures to this growing trend.
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