Bitcoin ETFs Absorb 5x BTC Than Miners Produce Daily: Gabor Gurbacs

Thu, 1/02/2024 – 15:50

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Garbor Gurbacs, the strategic advisor to VanEck and Tether, has taken to Twitter/X to draw the cryptocurrency community’s attention to an important thing happening to Bitcoin right now.

Gabor Gurbacs’s bullish statement

Gurbacs pointed out the amazing rate at which spot Bitcoin ETFs have been scooping up Bitcoin from the cryptocurrency market. 4,700 BTC per day taken into cold storage, he stated, reminding the community that miners produce only 900 Bitcoins per day so far. Thus, Bitcoin ETFs are buying more than 5x BTC than is mined every day.

In April, when the fourth halvening event takes place, the number of Bitcoin minted daily will drop to 450 BTC as miners’ rewards will be cut by half.

Bitcoiner Tuur Demeester has recently also drawn the community’s attention to this fact of Bitcoin ETFs absorbing free BTC from exchanges very fast. Demeester added that he expects this pace to increase 20x after the halvening.

Samson Mow’s radical Bitcoin tweet

Chief executive at Jan3 and Bitcoin evangelist Samson Mow, who advocates Bitcoin reaching $1 million in the future, today tweeted that the traditional “Bitcoin campaigning”, promising changes in the financial sphere is no longer relevant.

Mow suggested that now “there must be a higher standard for any proposed changes” related to Bitcoin, since BTC has become the world’s new reserve asset. If something new is build on Bitcoin, he believes, it must be demonstrated “with functioning prototypes bearing commercial use.”

Colossal Bitcoin whales start moving

As Bitcoin ETFs continue to accumulate BTC on a large scale, Bitcoin whales smaller in size have also become more active. Over the past 24 hours, Whale Alert cryptocurrency tracker reported two massive transactions, carrying $1.5 billion worth of Bitcoin each – 34,300 BTC and 35,049 BTC.

These gigantic Bitcoin chunks were transferred between anonymous wallets. According to the same data source, slightly over $300 million worth of Bitcoin was deposited to a PayPal wallet by an anonymous user in three transactions, carrying 2,500 BTC each.

Today, Bitcoin price has demonstrated a 2.1% increase, reaching $42,916 after the decline of 4.11% it had faced over the past 24 hours. Back then, Bitcoin plunged from the $43,700 zone, shedding approximately $2,000 but it is staging a recovery at the time of this writing.

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