Bitcoin ETFs Drive Record Demand, Pushing Prices Higher
TL;DR
Grayscale Investments research head Zach Pandl stated that there is not enough bitcoin to meet the increasing demand, leading to higher prices, as US-listed bitcoin exchange-traded funds have been purchasing an average of 3,500-4,300 coins daily, while only 900 coins are created each day by the bitcoin network. The upcoming "halving" event, which will reduce the daily supply of new coins to 450, may exacerbate the supply issues.
- Grayscale says not enough bitcoin to accommodate all the new demand, and so prices higher ForexLive
- Bitcoin ETFs now hold nearly 4% of all bitcoin — and they're not slowing down Blockworks
- Why Bitcoin's Surge Could Be A Boon, Or Trap, For New Ether ETFs Forbes
- Bitcoin ETF Buying Led by Retail, Hedge Funds, FAs; Larger Players Still to Come: Bitwise CIO CoinDesk
- Bitcoin ETFs hit record volume as single-day high of $612 million pours into BlackRock Fortune
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