As is well known, Bitcoin spot ETF has brought in a huge demand for purchases in the secondary market, but how exactly does it affect the supply and demand of Bitcoin? According to the information shared by James Butterfill, Research Director at CoinShares, the current daily production of Bitcoin is approximately 900 BTC, but the daily demand for the newly issued US Bitcoin spot ETF reaches as high as 2,800 BTC, which is three times the production volume. James Butterfill stated that Bitcoin has rapidly surpassed the $40,000 price level in the past few weeks and broke through the $60,000 mark, and he believes that the Bitcoin spot ETF is the main driving factor behind this surge. On the other hand, Bloomberg analyst James Seyffart also stated in a recent article that the Bitcoin spot ETF set a new record for daily trading volume on Wednesday, exceeding $6 billion, breaking the record of the product’s first day of trading volume.
