Bitcoin ETFs are sucking up 10X more BTC than miners can produce

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Spot Bitcoin ETF inflows have outpaced the amount of production from miners by over 10 times in the past two trading days.

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

According to preliminary figures, at least $493.4 million, or roughly 10,280 Bitcoin (BTC), flowed into spot Bitcoin ETFs as of Feb. 12.

BlackRock’s iShares Bitcoin Trust saw the lion’s share, with a massive $374.7 million flowing in. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund fund saw inflows of $151.9 million, with $40 million for Ark 21Shares Bitcoin ETF. Grayscale outflows of $95 million and $20.8 million from the Invesco Galaxy ETF slightly offset this, though net inflows were almost half a billion dollars.

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