CoinShares: Daily BTC demand for spot ETFs is more than three times the production, leading to a decrease in exchange holdings

CoinShares research director James Butterfill said that although 900 bitcoins are produced every day, the newly issued US spot bitcoin ETF has a daily demand of 2,800 bitcoins, which is more than three times the production volume. This has led to a 28% decrease in exchange-held amounts since 2020, indicating that the market is experiencing significant demand shocks.