The publicly available Bitcoin (BTC) Treasury purchased $552 million worth of BTC, and the holder sold Exchange-Traded Fund (ETF) shares between July 31st and August 4th.
According to Farside Investors dataUS trading spot Bitcoin ETF registered a $1.25 billion leak between July 31st and August 4th. 4,869 BTC added In the same period.
The amount added by Bitcoin Treasuries is worth nearly $552 million at a price of $113,418 at the time of reporting, almost $700 million below the amount by ETF investors.
Metaplanet bought the largest bitcoin during the period, with 463 BTC added, worth over $54 million.
James Butterfil, Head of Research at Coinshares; This was caused by a recent leak For macro drivers. He cited last week’s Federal Open Market Committee comments and stronger economic data than expected.
Supply shock
While selling pressure from ETF holders outweighed the publicly released acquisitions by Bitcoin Finance vehicles, BTC supply has shrunk significantly this year.
As of August 4th, public companies had purchased 343,394 BTC, while Bitcoin investors exposed through the ETF added 181,276 BTC. The total amount of these two cohorts is essentially equal to 524,670 BTC over 7 months.
According to GlassNode data, 98,503 BTC was mined over the same period, more than five times lower than the amount absorbed by public companies and ETFs.
In particular, estimates point to a total of 164,250 BTC mined this year, making stashes for ETF investors and public companies already more than three times more expensive, with more than four months.
Using Bitcoin prices as a proxy, the supply shock scenario appears to be clear to investors. Despite recent macro confusion, Bitcoin fell only 4.2% last week.
Additionally, BTC is just 7.5% off its all-time high of 122,054.86, registered on July 14th.