It is well known that Bitcoin spot ETF has introduced a huge demand for purchasing in the secondary market, but how much does it specifically impact the supply and demand of Bitcoin?
According to information shared by James Butterfill, the research director of CoinShares, the current daily production of Bitcoin is approximately 900 BTC. However, the daily demand for the newly issued US Bitcoin spot ETF reaches as high as 2,800 BTC, which is three times the production volume. James Butterfill stated that:
Bitcoin has rapidly surpassed the $40,000 price level and broken through the $60,000 mark in the past few weeks. James Butterfill believes that the Bitcoin spot ETF is the main driving factor behind this.
On the other hand, Bloomberg analyst James Seyffart also wrote yesterday that the Bitcoin spot ETF set a new record for daily trading volume on Wednesday, exceeding $6 billion, breaking the daily trading volume record of the product on its initial listing day.
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