Bitcoin investor and enthusiast Tuur Demeester stated in a tweet concerning ETFs that Bitcoiner Samson Mow had tweeted that he believes the world’s leading cryptocurrency would hit a significant milestone in relation to spot Bitcoin ETFs in three months.
https://x.com/TuurDemeester/status/1752075827804516392?s=20
Tuur Demeester’s important Bitcoin prediction
The Bitcoiner commented on the roughly 9,000 BTC in total that spot Bitcoin ETF issuers (apart from Grayscale) had been purchasing on a daily basis. Demeester noted that this is ten times higher than the total daily output of Bitcoin miners.
Based on his belief, spot Bitcoin issuers will increase BTC purchases by 20x or more following the April Bitcoin halvening event. “In conclusion, the ETFs are a big deal,” said Demeester. That was his response to the tweet from Samson Mow.
Samson Mow names crucial thing about ETFs missed by most people
Samson Mow, a well-known Bitcoin enthusiast who was once the chief operating officer of Blockstream and is currently the chief executive of Jan3, used Twitter and X to discuss with the Bitcoin community the significance of the present pace of Bitcoin accumulation carried out by Bitcoin ETFs.
“The most important thing with Bitcoin ETFs that most people seem to miss,” according to Mow, is how quickly Bitcoin ETF providers have been acquiring the cryptocurrency.
The head of Jan3 reminded everyone involved in cryptocurrencies that spot Bitcoin ETF issuers are now purchasing twice as much cryptocurrency in a month as MicroStrategy does in a month. IBIT has been purchasing 4,700 BTC daily, valued at $200 million, and FBTC is purchasing 4,200 BTC, valued at $175 million, per day. Michael Saylor’s company has purchased 14,600 and 16,100 BTC in the last two months.
Only 900 BTC are being produced everyday by miners because to such large daily transactions. As a result, only two of the eleven Bitcoin ETFs that are now in the top place are using ten times as much Bitcoin as miners are able to create each day. “This demand will be 20x supply” after the daily BTC supply is halved in April, according to Mow.
In addition, he reminded the audience that regular retail investors, Tether, MicroStrategy, and other financial institutions are also amassing Bitcoin.
In the last 24 hours, Grayscale’s selling pressure has eased, and Bitcoin has made a stunning return above $43,000.
