United

Bitcoin

Spot

Daily

Just under a whopping 9,000 BTC was accumulated by spot Bitcoin ETFs in the United States on Tuesday, Nov. 19.
This equates to around $814 million in total aggregate inflows across the eleven funds, <a href="https://www.coinglass.com/bitcoin-etf" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to Coinglass.
Around 450 BTC are mined daily, which means that a huge supply shock is imminent if institutional funds continue to hoover up coins at current rates.
Moreover, the supply shock will be amplified by the halving effect, which reduced block rewards in April. This could induce a post-halving bubble, as it has in previous cycles.
<blockquote class="twitter-tweet">
 U.S. Bitcoin ETFs purchased 9,000 Bitcoin today (11/19)
 Only 450 BTC mined today ‍<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2642.png" alt="♂" class="wp-smiley" style="height: 1em; max-height: 1em;">
 — HODL15Capital (@HODL15Capital) <a href="https://twitter.com/HODL15Capital/status/1859056274240864260?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 20, 2024</a>
</blockquote>
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<h2 id="institutions-drive-btc-to-ath">Institutions Drive BTC to ATH</h2>
More than $1 billion has entered spot Bitcoin ETFs in just two days this week as market momentum continues.&nbsp;Tuesday was a bumper inflow day for Ark 21Shares, Fidelity, and BlackRock, with the three ETFs seeing inflows of $267.3 million, $256.1 million, and $213.5 million, respectively.
There were minor inflows for the Bitwise, Grayscale, and VanEck funds and no outflows for the second consecutive day of trading this week.&nbsp;This brings the total aggregate inflow for the products to $28.5 billion since they launched in January.
The demand for these products reinforces the notion that this rally is being driven by institutions, and retail has yet to come to the party.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> supply shock:
 There are 1,215,672 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> left to be mined, that means 94.21% of all 21 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> are in circulation. And the first few institutions are just waking up.
 Are you ready for what’s coming? <a href="https://t.co/qDoNUXbAu3" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qDoNUXbAu3</a>
 — Carl ₿ MENGER <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CarlBMenger) <a href="https://twitter.com/CarlBMenger/status/1858800393309847705?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 19, 2024</a>
</blockquote>
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Bitcoin hit an all-time high of a little <a href="https://cryptopotato.com/bitcoin-btc-charts-new-all-time-high-close-to-94k-as-bull-rally-resumes/" data-wpel-link="internal" rel="noopener noreferrer nofollow">over $94,000</a> during late trading on Tuesday but retreated to $92,320 during the Wednesday morning Asian trading session.
<h2 id="ibit-options-launch">IBIT Options Launch</h2>
The launch of BlackRock iShares Bitcoin Trust (IBIT) <a href="https://cryptopotato.com/will-crypto-markets-bounce-back-when-3-4b-bitcoin-options-expire-today/" data-wpel-link="internal" rel="noopener noreferrer nofollow">options</a> on Tuesday was also bullish, with almost $2 billion in notional exposure traded on the first day.
Analysts and experts have attributed this to the latest BTC price peak. “These options were almost certainly part of the move to the new Bitcoin all-time highs today,” <a href="https://x.com/JSeyff/status/1858991206476509659" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">commented</a> Bloomberg ETF analyst James Seyffart.
Meanwhile, ETF Store president Nate Geraci added:
<blockquote>
 “Options add an entirely new dimension. Makes it much easier and more enticing for institutional investors to enter the arena.”
</blockquote>
<blockquote class="twitter-tweet">
 I was told there is no need for spot btc ETFs…
 Nearly *$2bil* notional on IBIT’s first day of *options* trading.
 Addn’l spot btc options list tomorrow.
 Options add an entirely new dimension.
 Makes it much easier &amp; more enticing for institutional investors to enter arena. <a href="https://t.co/jQpzmM7QEa" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/jQpzmM7QEa</a>
 — Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1859059696218337737?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 20, 2024</a>
</blockquote>
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Until now, spot Bitcoin <a href="https://cryptopotato.com/spot-bitcoin-etf-options-could-attract-longer-term-investors-but-theres-a-catch-cryptoquant/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ETF options</a> were only available outside of the United States. Their launch opens up the asset to the largest liquidity pool in the world, which could turbocharge BTC prices if the funds keep purchasing it to keep up with demand.
The post <a href="https://cryptopotato.com/supply-shock-bitcoin-etfs-sucked-up-9000-btc-daily-while-only-450-were-mined/" rel="noopener noreferrer nofollow">Supply Shock: Bitcoin ETFs Sucked up 9,000 BTC Daily While Only 450 Were Mined</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Supply Shock: Bitcoin ETFs Sucked up 9,000 BTC Daily While Only 450 Were Mined

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