Bitwise said combined demand was 3.6 times higher than the 455,000 BTC mined over the same period, underscoring how listed investment products and corporate buyers have outpaced new supply.
U.S. spot ETPs and public companies purchased 1.55 million Bitcoin since January 2024, compared with 455,000 BTC mined in the same period, Bitwise said. The asset manager said that puts demand from those two buyer groups at 3.6 times new supply. The comparison highlights a key market dynamic in Bitcoin: when exchange-traded products and corporate treasuries absorb coins faster than miners create them, available supply can tighten and amplify price sensitivity.