🚨Demand crushes supply: Bitcoin ETF absorbs 9x miners’ production in 5 days

Data shows that the United States spot Bitcoin ETF has accumulated 18,991 BTC over the past 5 trading days.

Meanwhile, the total net new production from all miners across the network is only about 2,109 BTC—meaning the ETF’s capital demand has already reached roughly 9 times the size of the new supply.

From the perspective of market structure, this phenomenon signals a key shift: traditional capital is absorbing market positions at a pace far exceeding the rate of new supply. When demand keeps running higher than supply, the market’s long-term pricing logic is often reshaped.

In the crypto market, prices are driven by sentiment in the short term, but in the long run they are always determined by supply and demand.

As more and more Bitcoin is locked up by long-term capital, what may be truly scarce in the market is no longer Bitcoin itself, but the positions that are still willing to be sold. 🚀