Bitcoin Supply Tightens Amid Increased ETF Demand
- September saw a net withdrawal of 44,000 BTC, reducing available supply.
- US-listed spot Bitcoin ETFs recorded $2.2 billion in net inflows, significantly exceeding daily mined supply.
- BTC has traded within a narrow 2.3% range as investors await the Federal Reserve’s interest rate decision.
- Approximately 2.96 million BTC remain on exchanges, but many are not available for trading due to user preferences.
- Eric Trump highlighted Bitcoin’s potential as a hedge against economic downturns during a recent interview.
The tightening of Bitcoin supply and strong demand from ETFs may contribute to upward price pressure for BTC, especially with significant withdrawals noted in September and ongoing accumulation through ETFs.
As of now, Bitcoin’s trajectory could be influenced by these factors, particularly with $2.2 billion in ETF inflows supporting its price stability around $116,000.(Source)
