A cryptocurrency investor known by the pseudonym HODL 15Capital, claims , that American issuers bitcoin ETF bought twice as much BTC as miners mined.
According to HODL 15Capital, since release bitcoin ETF From January 10, 2024 to October 26, companies that created derivatives purchased 357 BTC worth $960 billion at the current rate. During the same period, miners earned 24,3 BTC for adding blocks worth $181 billion. That is, fund issuers bought 608% more coins than were created.
If you sold bitcoins today, this week or this year, they were bought by issuers ETF . Demand for Bitcoins from the Creators of American BTC- ETF far exceeds the supply growth due to the increase in the supply of bitcoins, but weak hands [traders who get rid of coins at any risk] are willing to sell their bitcoins day after day, week after week, - wrote HODL 15Capital.
According to the Blockworks portal, the level of capitalization of American bitcoin ETF reaches $82,7 billion, and the value of issued BTC is estimated at $1,3 trillion. Thus, fund issuers own more than 6% of coins in circulation and therefore influence the market situation. However, as correctly noted HODL 15Capital, bears offset pressure from derivatives creators by selling coins.
However, in early September, the bulls managed to seize the initiative and reverse the downward trend. As a result of the pump, the Bitcoin rate increased by 32%, and many analysts began to talk about a reversal in the market. However, the price of the cryptocurrency did not consolidate above the bearish trend line that started in March, and fell below it. Therefore Bitcoin , will most likely continue to fall in price in the medium term.
Bitcoin price change in 2024
