Spot Bitcoin ETF issuers led by BlackRock have bought 15,194 BTC this week, while miners have mined just 3,150 BTC.

Since their launch in early 2024, they have bought twice as many bitcoins as miners have mined.

As a result, right now, 5% of the total BTC supply is already in the hands of Bitcoin ETFs.

Demand is outstripping initial supply long before the end of the mining era.