Bitcoin ETFs bought nearly twice what miners produced in Q3—but $430 million left on Thursday
Summary
US spot Bitcoin ETFs saw $430 million in outflows on Nov. 5. In Q3, ETFs added 79,800 BTC, nearly twice the 41,300 BTC newly mined, but 91% of inflows arrived in two brief periods. Long-term-holder balances fell by 248,000 BTC, though this net change does not equal measured sales and may overlap with ETF ownership. Glassnode’s rolling 30-day metric also showed a negative long-term-holder supply change, indicating spending exceeded coins maturing into the cohort—not that the amount was sold in one day. The supply-squeeze case depends on whether ETF inflows persist and distribution by older holders slows.
