According to CoinShares, the growing demand for Bitcoin is causing a major impact on the market as Bitcoin spot ETFs demand more BTC than it is mined.

Each day, ETFs need 2,800 bitcoins while only 900 are mined. This results in a 28% decline in exchange holdings since 2020 and is responsible for a significant demand shock. The price of Bitcoin on some exchanges recently reached $64,000.

The introduction of spot Bitcoin ETFs coincides with a 40% rise in the price of Bitcoin over the past month. A new record daily trading volume for spot Bitcoin funds was reached on Wednesday, exceeding $6 billion.

These ETFs have significantly influenced recent price trends and have sparked curiosity as Bitcoin prices were previously closely linked to expectations of lower interest rates but have now begun to diverge from them. #ETFsApproval #Bitcoin‬ $BTC