According to analyst Shaun Edmondson, Bitcoin ETF issuers purchased over 9,000 BTC on Friday, January 3, and bought over 9,600 BTC again on Monday. Since the first approval of Bitcoin ETFs, all 12 issuers have become major holders in the industry, with the amount of BTC they purchased in October equivalent to five times the global mining output, and this figure has now exceeded twenty times. Analysts believe that bearish market signals will only lead to greater buying volume.