Bitcoin ETFs Outperform Mining in Q3
Funds absorbed nearly double the new supply, though 430 million dollars in outflows hit the market in November
Bitcoin exchange-traded funds absorbed 79,800 units of the cryptocurrency during the third quarter. This volume significantly surpassed the production of miners, which reached 41,300 units in the same period.
Despite strong institutional appetite, the flow was not consistent. About 91% of capital inflows occurred during two short windows in August and September.
The scarcity scenario faces challenges from the movement of legacy holders. Long-term investor balances recorded a reduction of 248,000 Bitcoin units throughout the third quarter.
The market saw 430 million dollars in outflows from US ETFs on November 5.
The dynamic between new supply and the sale of older coins remains a point of uncertainty for the price. Fund demand must demonstrate consistency to support the thesis of supply absorption in the long run.
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