According to analyst Shaun Edmondson, Bitcoin ETF issuers purchased over 9,000 BTC on Friday, January 3rd, and bought more than 9,600 BTC again on Monday. Since the first approval of Bitcoin ETFs, all 12 issuers have become major holders in the industry, and the amount of BTC they purchased in October was equivalent to five times the global mining output, and this figure has now exceeded 20 times. Analysts believe that bearish market signals will only lead to larger purchasing volumes.