Bitcoin ETF Purchases Surpass Miners Output Amidst Bullish Market Trends

In the first half of May 2024, US-based Bitcoin exchange-traded funds (ETFs) purchased a substantial amount of Bitcoin, surpassing even the output of miners during the same period. Data from this early stage in May reveals that ETFs accumulated nearly 26,700 BTC, while mining activity only added an estimated 7,200 new BTC to the market. This disparity highlights a growing trend of institutional and retail investors heavily investing in Bitcoin through ETFs, which is driving demand higher than mining output.