Bitcoin evangelist and investor Tuur Demeester expects the world’s flagship cryptocurrency to reach a major milestone in connection with spot Bitcoin ETFs in three months as he commented on a tweet about ETFs posted by Bitcoiner Samson Mow.
Tuur Demeester’s important Bitcoin prediction
The Bitcoiner issued a comment on the recent daily Bitcoin purchases made by spot Bitcoin ETF issuers (apart from Grayscale) – approximately 9,000 BTC in total. Demeester pointed out that this is 10x more than Bitcoin miners put together produce per day.
After the Bitcoin halvening event happens in April, he believes, spot Bitcoin issuers will accelerate BTC purchases by 20x and more. “The ETFs are a huge deal,” Demeester concluded. That was his comment on Samson Mow’s tweet.
Indeed, the top 2 bitcoin ETFs are enabling the buying of ˜9k BTC a day, which is 10x more than total mining supplies per day, and in 3 months (after the halving) that’ll be 20x more. The ETFs are a huge deal. https://t.co/IfgloPh23m
— Tuur Demeester (@TuurDemeester) January 29, 2024
Samson Mow names crucial thing about ETFs missed by most people
Another prominent Bitcoiner, former CSO of Blockstream and now chief executive at Jan3, Samson Mow, took to Twitter/X to share with the BTC community his take on the importance of the current rate of Bitcoin accumulation conducted by Bitcoin ETFs.
The current pace at which Bitcoin ETF companies have been grabbing Bitcoin is “the most important thing with Bitcoin ETFs that most people seem to miss,” Mow believes.
The Jan3 boss reminded the cryptocurrency community that the spot Bitcoin ETF issuers are now buying as much Bitcoin in just two days as MicroStrategy purchases within a month – IBIT has been buying 4,700 BTC per day (worth $200 million), and FBTC is buying 4,200 BTC ($175 million) per day, while Michael Saylor’s company has bought 14,600 and 16,100 BTC over the past two months.
With those big daily purchases, miners are producing only 900 BTC per day. Therefore, just two out of the eleven spot Bitcoin ETFs are now consuming ten times more Bitcoin than miners can mint on a daily basis. When, after the April halving, the daily BTC supply is cut in half, “this demand will be 20x supply,” Mow says.
Aside from that, he reminded the audience, MicroStrategy, Tether, other financial institutions and average retail investors are also accumulating Bitcoin.
Over the past 24 hours, Bitcoin has staged a sudden comeback above the $43,000 level as Grayscale’s selling pressure has reduced.
