Son Min

Last week, global digital asset (cryptocurrency) investment products received inflows totaling $3.717 billion (₩5,135.4 billion), marking the second largest weekly inflow ever recorded. On the 14th (local time), CoinShares stated in a report, "Last week, $3.717 billion flowed into digital asset investment products, the second largest weekly inflow ever," adding, "The streak of 13 consecutive weeks of inflows continues, bringing the cumulative total to $21.8 billion." The report continued, "Assets under management (AUM) for global digital asset investment products have neared an all-time high of $211 billion," and "global exchange-traded product (ETP) trading volume also reached $29 billion, which is double the weekly average for this year." By asset, Bitcoin (BTC) products ranked first, recording a net inflow of $2.731 billion. The report stated, "Assets under management for Bitcoin products have reached $179.5 billion," and "this is equivalent to 54% of the AUM for gold ETPs." It also noted that, "Short (sell) Bitcoin products saw almost no trading." Ethereum (ETH) products received inflows of $990.4 million, securing second place. The report mentioned, "Ethereum has had 12 consecutive weeks of inflows," and "over the same period, the inflow accounted for 19.5% of the global Ethereum AUM." Products like Solana (SOL) and Sui (SUI) also saw positive trends, with inflows of $92.6 million and $3.5 million, respectively. However, XRP products experienced outflows of $104 million. By country, inflows originating from the United States were strong. U.S.-based digital asset products alone saw net inflows of approximately $3.738 billion, while Switzerland and Canada saw $65.8 million and $17.1 million in inflows, respectively. In contrast, Germany and Sweden recorded net outflows of $85.7 million and $15.7 million, respectively.

AguilaTrades, known as one of the whales on the decentralized futures exchange (DEX) Hyperliquid (HYPE), has reportedly achieved approximately $41.7 million in unrealized profit from a long (buy) position on Bitcoin (BTC). On the 14th (local time), AmberCN announced on X (formerly Twitter), "Whale AguilaTrades' unrealized profit has reached $41.7 million." AguilaTrades is said to have opened a $368 million 20x long position on Bitcoin. In addition, "the entry price is around $109,000, with a liquidation price of $108,680," the post added. Previously, due to factors such as the Middle East crisis, AguilaTrades had accumulated a total loss of $34.18 million over the past few months. However, the recent bullish trend of Bitcoin is expected to recover all prior losses.

Tao Alpha, an artificial intelligence (AI) infrastructure company listed on the London Stock Exchange in the UK, has started purchasing Bitcoin (BTC). According to virtual asset (cryptocurrency) news channel NLNico on the 14th (local time), Tao Alpha announced in a press release, "We have purchased 28.56 BTC," adding, "This amounts to approximately £2.5 million (about $3.37 million)." The average purchase price per 1 BTC was around $118,159. Prior to this, Tao Alpha announced that it had changed its company name to Satsuma Technology and would begin its Bitcoin accumulation strategy.

DigitalX Limited, an asset management firm listed on the Australian Securities Exchange (ASX), has announced the accumulation of 109 Bitcoins (BTC). On the 14th (local time), DigitalX stated in a press release, "We have accumulated 109.3 BTC using AUD 19.7 million (approximately $12.95 million)," adding, "The average purchase price was $118,010 (USD), and we currently hold 367.3 BTC overall." Of this amount, 174.4 BTC are held directly, while 192.9 BTC are known to be held indirectly through the company's ETF. DigitalX commented, "This Bitcoin purchase is part of our efforts to increase shareholder value," and added, "We will continue to implement a Bitcoin-focused strategy going forward."

Bill Zanker, who collaborated on the official meme coin OfficialTrump (TRUMP) and the issuance of non-fungible tokens (NFTs) for former U.S. President Donald Trump, has denied rumors of discord with the Trump family. On the 14th (local time), Bill Zanker said in an interview with CoinDesk, "There was no conflict with the Trump family. There was only a misunderstanding," adding, "The fact that World Liberty Financial (WLFI) has accumulated OfficialTrump as a financial asset is evidence of this." Previously, the OfficialTrump development team and the NFT marketplace Magic Eden (ME) announced plans to launch the 'Trump Wallet.' After this announcement, Eric Trump warned, "This project is not authorized by the Trump side, and no one in the organization is aware of it. Please be careful when using the name." It was also reported that a letter requesting World Liberty Financial to stop wallet development had been sent. In response, Bill Zanker said, "There has been no change in our relationship with the Trump family, and we are still collaborating," adding, "World Liberty Financial's own wallet development is quite advanced, so collaborating with OfficialTrump is the optimal choice for them." Furthermore, he hinted at additional partnerships. Bill Zanker emphasized, "We are working every day for the mainstream adoption of OfficialTrump,"and added, "The TRUMP mobile game is scheduled for release soon, and there are other major projects planned to begin this summer."

The French-listed blockchain group 'The Blockchain Group' has reportedly purchased an additional 29 bitcoins (BTC). On the 14th (local time), The Blockchain Group announced via a press release, "We invested €2,800,000 (approximately $3,270,000) to purchase an additional 29 BTC," adding, "We now hold a total of 1,933 bitcoins." The current value of bitcoins held by The Blockchain Group is approximately €174,800,000 ($204,000,000), with the average purchase price recorded at €90,406 (around $105,616).

It has been revealed that an address presumed to belong to the Bhutan Government deposited 99.47 Bitcoins (BTC) into the global cryptocurrency exchange Binance. On the 14th (local time), OnchainLens announced via X (formerly Twitter), "The Bhutan Government has made an additional deposit of 99.47 BTC (approximately $12.05 million) to Binance." Recently, the Bhutan Government is believed to be consistently selling Bitcoin. In the past two weeks alone, the amount of Bitcoin transferred to Binance reached as much as 650 coins (approximately $74.24 million). Typically, large-scale coin deposits to exchanges may lead to increased selling pressure, which can be a factor causing short-term volatility.

The open interest (OI) of Bitcoin (BTC) perpetual futures has reached the highest level in a year. On the 14th (local time), cryptocurrency analyst Ali Martinez stated on X (formerly Twitter), "The total Bitcoin open interest across all crypto exchanges has reached $40.2 billion," adding, "This is the largest open interest in the past year." He also noted, "Speculative sentiment and leverage usage are increasing in the market." As of 4:11 PM, Bitcoin is trading at $122,262, up 3.71% compared to 24 hours ago on the Binance USDT market.

Over the past 24 hours, the size of position liquidations in the cryptocurrency perpetual futures market was recorded at $703.12 million. According to Coinglass data on the 14th (local time), a total of $703.12 million worth of futures positions were liquidated in the crypto market over the past 24 hours. Bitcoin (BTC) once again set a new all-time high (ATH), resulting in more liquidations of short (sell) positions. Specifically, $112.44 million in long positions and $590.68 million in short positions were liquidated. The most significant liquidations occurred in Bitcoin. Bitcoin saw $444.94 million in positions liquidated over 24 hours, with $9.21 million in long positions and $435.73 million in short positions being wiped out, respectively. Ethereum (ETH) ranked second, with $79.09 million in positions liquidated during the same period. The amounts for long and short positions were $26.73 million and $52.36 million, respectively. As of 3:16 p.m., on Binance USDT market, Bitcoin and Ethereum are trading at $122,090 and $3,026, up 3.67% and 2.52%, respectively, compared to 24 hours ago. Meanwhile, today, Bitcoin has reached a new all-time high of $122,666 on Binance.

Cryptocurrency A to Z Ethereum Hits $3,000 Driven by Whale and Global Buying Pressure Expectations for Upside Intensify Anticipation for Benefits Amid Pro-Crypto Policy As capital continues to flow into investment products related to Ethereum, the price of Ethereum is showing an upward trend. In some quarters, there is also hope for further gains as more companies in the United States accumulate Ethereum. According to Upbit, a domestic cryptocurrency exchange, on the 13th, Ethereum reclaimed the 4 million KRW range for the first time in about five months since February this year. On global markets, it has also surpassed $3,000. A major factor behind the heightening expectations for a price increase is the substantial wave of buying directed toward Ethereum. CoinShares reported, "Last week, there was a net inflow of $226 million into global Ethereum investment products, marking 11 consecutive weeks of inflows," and "During that period, the funds flowing in amounted to $2.85 billion, showing that investors prefer Ethereum over Bitcoin." The buying activity by large investors called "whales" was also robust. According to cryptocurrency analyst Ali Martinez, whales purchased over 200,000 new Ethereum in just the past week. The trend of US-listed companies stockpiling Ethereum further fueled expectations for an increase. On the 7th, Bit Digital, a company listed on the Nasdaq Stock Market in the United States, sold all of its Bitcoin holdings and bought Ethereum, pushing its total holdings to over 100,000 Ethereum. Sharplink Gaming also bought an additional 12,761 Ethereum this week. The overall environment surrounding Ethereum is also supporting positive sentiment. There is talk that the possible passage of pro-crypto legislation such as the stablecoin act, GENIUS Act, and the growth of the real-world assets (RWA) market could greatly impact Ethereum's long-term rise. Asset management firm Grayscale commented, "Laws like the GENIUS Act clarify stablecoin regulations while accelerating investment expansion and the adoption of smart contracts." Tom Lee, co-founder of Fundstrat, predicted, "If the world starts to embrace the potential of RWAs, Ethereum could climb to $10,000." Son Min, BloomingBit journalist sonmin@bloomingbit.io

<Key Economic Events Next Week> ▶︎14th (Mon): △China June exports (KST 12:00, US time 13th 23:00) △China June imports (KST 12:00, US time 13th 23:00) △China June new loans (KST 19:00, US time 06:00) △Eurozone finance ministers meeting (KST 19:00, US time 06:00) ▶︎15th (Tue): △South Korea June trade balance (KST 08:55, US time 14th 19:55) △China Q2 GDP (KST 11:00, US time 14th 22:00) △United States June CPI (KST 21:30, US time 08:30) △United States June Core CPI (KST 21:30, US time 08:30) ▶︎16th (Wed): △South Korea June unemployment rate (KST 08:00, US time 15th 19:00) △United Kingdom June CPI (KST 15:00, US time 02:00) △United States June PPI (KST 21:30, US time 08:30) △United States crude oil inventories (KST 23:30, US time 10:30) ▶︎17th (Thu): △European Union June CPI (KST 18:00, US time 05:00) △European Union June Core CPI (KST 18:00, US time 05:00) △United States June Core Retail Sales (KST 21:30, US time 08:30) △United States Initial Jobless Claims (KST 21:30, US time 08:30) △United States July Philadelphia Fed Manufacturing Index (KST 21:30, US time 08:30) △United States June Retail Sales (KST 21:30, US time 08:30) ▶︎18th (Fri): FOMC Mary Daly speech (KST 01:45, US time 17th 12:45) △Federal Reserve Christopher Waller speech (KST 07:30, US time 17th 18:30) △Japan June Core CPI (KST 08:30, US time 17th 19:30) △Japan June CPI (KST 08:30, US time 17th 19:30) <Key Cryptocurrency Events Next Week> ▶︎14th (Mon): △Babylon (BABY) Unbonding Time Voting △Immutable X (IMX) 'Freya: Starfall Open Beta' launch ▶︎15th (Tue): △StarkNet (STRK) 127 million STRK token unlock △Sei (SEI) 55.56 million SEI token unlock △Optimism (OP) SuperStack OP Claim ▶︎16th (Wed): △VeChain (VET) July update △Arbitrum (ARB) 92.65 million ARB token unlock ▶︎17th (Thu): △UXLINK (UXLINK) 37.5 million UXLINK token unlock △zkSync (ZK) 173.08 million ZK token unlock ▶︎18th (Fri): △Official Trump (TRUMP) 50 million TRUMP token unlock △ZetaChain (ZETA) Lightning upgrade

It has been revealed that the e-commerce company 'DDC Enterprise Limited', listed on the New York Stock Exchange, has signed a strategic partnership with Animoca Brands. According to Business Wire on the 13th (local time), DDC announced in a press release, "We have entered into a Bitcoin (BTC)-related partnership with Animoca Brands worth $100 million." As a result, Animoca Brands plans to entrust up to $100 million worth of Bitcoin to DDC. Meanwhile, on June 17th (local time), DDC had separately raised $528 million to stockpile Bitcoin.

The CEO of SBI Global Asset Management in Japan has expressed a positive stance on XRP. On the 12th (local time), Tomoya Asakura, CEO of SBI Global Asset Management, retweeted a post about XRP and stated, "XRP is not simply a virtual asset (cryptocurrency). This is the movement of wealth in our generation." Meanwhile, the post he cited included the remark: "XRP is not just a crypto asset; it's a phenomenon where our generation's wealth moves. HODL as if your life depends on it. Billionaires will be born from this."

The decentralized perpetual futures exchange (DEX) Hyperliquid (HYPE) has reached a new all-time high (ATH). On the 13th (local time), Hyperliquid News announced on X (formerly Twitter) that “Hyperliquid has surpassed $48, setting a new all-time high.” As of 5:20 PM, according to CoinMarketCap, Hyperliquid is trading at $47.88, up 1.82% from the previous day.

An anonymous whale has reportedly incurred significant losses after building a large short (sell) position on Pump.fun (PUMP). On the 13th (local time), Arkham Intelligence announced via X (formerly Twitter) that “Trader 0x7da currently holds the largest on-chain PUMP short position,” noting that “this position is worth approximately $8.5 million and is currently showing an unrealized loss of $1.32 million.” The announcement added, “If PUMP’s market capitalization reaches $8.5 billion, the whale will be liquidated.” As of 5:14 p.m., according to CoinMarketCap, PUMP is trading at $0.007834, up 24.95% from the previous day. Its market capitalization stands at $1.61398 billion.

An anonymous whale has reportedly taken large short (sell) positions on Bitcoin (BTC) and Ethereum (ETH). On the 13th (local time), Ted Pillows, a cryptocurrency analyst, stated on X (formerly Twitter), "A whale who recently took a $16.28 million loss has established short positions worth $250 million in Bitcoin and Ethereum," adding, "The market is currently bearish." According to the attached material, the anonymous whale established 40x short positions on Bitcoin and 25x on Ethereum.

The number of wallets holding large amounts of XRP has reached an all-time high, raising hopes for an upward trend. On the 13th (local time), Santiment reported, “There are now 2,743 wallets holding more than 1 million XRP, marking a new all-time high,” adding, “The total amount of XRP held by these wallets is also steadily increasing.” The report went on to say, “This is a very positive signal for XRP. An uptrend is expected.” According to the data, wallets with more than 1 million XRP currently hold a total of 4,732,000,000 XRP.

There is an outlook that the number of publicly listed companies holding Bitcoin (BTC) will increase by more than 25% by the end of the year. According to Cointelegraph on the 13th (local time), Blockware Intelligence predicted in its Q3 market report that "by year-end, at least 36 additional publicly listed firms will be holding Bitcoin." This is an approximately 25% increase compared to the current 141 listed companies that hold Bitcoin. Additionally, the report stated that the number of publicly listed companies that accumulated Bitcoin this year has surged by 120%. The report evaluated that "corporations holding Bitcoin serve as a 'bridge' connecting the stock market to Bitcoin." However, it also noted, "Most of the companies purchasing Bitcoin are either newly established or struggling businesses." Meanwhile, according to BitcoinTreasuries, currently Strategy is holding 597,325 BTC, ranking first among listed companies in Bitcoin holdings.

Peter Schiff, a Bitcoin critic and economist, recommended selling a portion of his Bitcoin (BTC) holdings and buying silver instead. On the 12th (local time), Peter Schiff stated on X (formerly Twitter), "Recently, Bitcoin has reached a new all-time high (ATH)," and added, "It seems wise to sell some Bitcoin and buy silver." He suggested that buying silver is a safer investment approach. Peter Schiff remarked, "Bitcoin could continue its upward trend for a while," but also said, "The potential price increase for silver is much greater." Furthermore, he explained, "Bitcoin is an asset that can experience sharp declines, but currently, the possibility of a drop in silver is very low."

Recently, even though Bitcoin (BTC) has reached an all-time high (ATH), there are opinions that individual investors are showing little interest. On the 13th (local time), André Dragosch, head of Bitwise Research, pointed out via X (formerly Twitter) that "Bitcoin has set a new all-time high, but individual investors are showing almost no interest," noting that Google search volume for Bitcoin remains low. He added, "This indicates that the current Bitcoin surge is driven by institutions." According to Google Trends data, current search interest in Bitcoin scored 40 points, a 60% decrease compared to the second week of November last year. The main reason for the low individual interest is said to be the already high price of Bitcoin. Lindsey Stamp, a Bitcoin critic, analyzed via X that "many individual investors, upon learning that Bitcoin is at $117,000, think they've missed their chance and thus do not pay attention." Cedric Engelmann, host of the Bitcoin Matrix Podcast, forecasted, "Even if Bitcoin prices rise further, individuals are unlikely to participate in the market for a long time."

It was revealed that only 42% of participants in the Solana (SOL)-based meme coin issuance platform Pump.fun (PUMP) public sale succeeded in purchasing tokens. On the 13th (local time), Wu Blockchain announced via X (formerly Twitter), "According to Dune Analytics, the total number of wallets that completed the customer verification process (KYC) for participation in the 'PUMP' public sale was 23,959," adding, "Of these, only 10,145 wallets actually succeeded in purchasing." Thus, only about 42% of participants succeeded in buying 'PUMP'. "Additionally, 583 wallets purchased more than $100,000 worth of PUMP," it continued, "and among these, 202 wallets acquired the maximum limit of $1,000,000 worth."

Robert Kiyosaki, the author of the global bestseller 'Rich Dad Poor Dad', has indicated that he will buy one more Bitcoin (BTC). On the 13th (local time), Kiyosaki said on X (formerly Twitter), "Bitcoin has surpassed $117,000," and stated, "I will purchase 1 additional BTC as soon as possible." He further added, "There is no easier way to become rich than buying Bitcoin. Becoming a millionaire is possible."

Due to the recent increase in the price of Bitcoin (BTC), it has been reported that Satoshi Nakamoto has been named the 11th richest person in the world. Satoshi Nakamoto is known as the creator of Bitcoin. According to Coindoo, a media outlet specializing in virtual assets (cryptocurrency), as of the 13th (local time), Satoshi Nakamoto’s total assets reached $128.9 billion, ranking him as the world's 11th richest individual. It is known that Satoshi currently holds 1,090,000 BTC. The outlet stated, "Satoshi stands shoulder to shoulder with Elon Musk, CEO of Tesla, and Mark Zuckerberg, CEO of Meta," adding, "If Bitcoin rises further, he could move even higher in the rankings." Meanwhile, the world’s richest person is Elon Musk, CEO of Tesla ($406.5 billion).

There has been an argument that, according to Bitcoin’s (BTC) 4-year cycle, a market downturn is likely to occur. On the 13th (local time), Seamus Rocca, CEO of Xapo Bank, said in an interview with Cointelegraph, "The 4-year cycle of Bitcoin is still valid," and added, "(After reaching a new all-time high) a prolonged bear market may follow." He particularly noted, "A Bitcoin downturn may not be caused by any special issue, but may start due to simple factors such as a decrease in positive catalysts or development delays." He also shared his stance on Bitcoin as a hedge against inflation. He said, "It is still difficult to view Bitcoin as a hedge against inflation," adding, "It remains a risk asset and is still highly correlated with equities." However, he further stated, "I believe that someday it will become a hedge against inflation."

Changpeng Zhao (CZ), the co-founder of Binance, has suggested refiling a defamation lawsuit against Bloomberg. In July 2022 as well, Changpeng Zhao had previously sued Bloomberg for defamation. On the 13th (local time), Changpeng Zhao stated via X (formerly Twitter), "There are so many inaccuracies in Bloomberg's article that I don't know where to start refuting," adding, "I may file another defamation lawsuit against Bloomberg." This response follows Bloomberg raising allegations about the relationship between Binance and World Liberty Financial (WLFI). On the 11th (local time), Bloomberg reported that Binance had developed the original smart contract code for the USD1 dollar-based stablecoin issued by World Liberty Financial. Furthermore, it claimed, "Binance, after attracting an investment of $2 billion from investor MGX using USD1, requested a pardon from U.S. President Donald Trump," and "About 90% of the total USD1 supply is stored in Binance wallets, potentially generating tens of millions of dollars in annual interest income." Changpeng Zhao called the report "just FUD (Fear, Uncertainty, and Doubt)" and attached a previous apology statement posted by Bloomberg. At the time, Bloomberg had addressed Changpeng Zhao's defamation lawsuit with the statement: "The article title ‘Changpeng Zhao’s Ponzi Scheme’ was clearly incorrect," and added, "We sincerely apologize for all damage and distress caused to Changpeng Zhao and Binance."

According to the Token Mindshare (an index quantifying the influence of specific tokens in the virtual asset market) Top Gainer from the AI-based web3 search platform Kaito, the top 5 crypto-related keywords currently attracting the most attention as of the 13th are Pump.fun (PUMP), Bybit, Hyperliquid (HYPE), Solana (SOL), and BONK. Due to intense market focus on the ICO (Initial Coin Offering) of Pump.fun's Solana-based meme coin issuance platform governance token, all top 5 keywords are now issues related to Pump.fun. Ranked first, Pump.fun attracted great interest as its governance token 'PUMP' public sale proceeded. About 15% of the total supply was put up for sale, and the entire lot sold out within just 12 minutes of launch, indicating strong market demand. The PUMP price also surged approximately 93% over the public sale price (0.004 USD). As of 1:47 PM, CoinMarketCap reports that PUMP is now trading at USD 0.007723, up 23% from the previous day. Bybit ranked second after a problem occurred during the PUMP token public sale. Bybit experienced API delays leading to oversubscription, resulting in some users receiving tokens and others not, causing confusion. Bybit said, "We sincerely apologize for the inconvenience," and announced, "Funds for users who did not receive the tokens due to API delays will be fully refunded." Hyperliquid drew notable interest after listing perpetual PUMP futures and reaching a record-high open interest (OI) size. On the 13th, Hyperliquid announced on X, "Open interest has surpassed USD 10.6 billion, setting an all-time high." On the 10th (local time), Hyperliquid also listed PUMP futures, drawing attention from the market. Up to 3x leverage is supported. Solana also climbed to fourth place, bolstered by the impact of the PUMP launch. Built atop Solana, Pump.fun’s successful token sale has been seen as boosting expectations for Solana’s price. Through X, SolanaFloor stated, "Of the USD 500 million PUMP sale fund, USD 448 million was raised on Solana on-chain," highlighting this optimism. There were also heightened expectations for an ICO boom in the Solana ecosystem. Laura Shin, CEO of Unchained, said, "Get ready for the Solana-based ICO boom." BONK, a dog-themed meme coin, ranked fifth. With Pump.fun in the spotlight, Letsbonk.fun, a meme coin launchpad based on BONK, also received significant attention. Letsbonk.fun is seen as a key competitor to Pump.fun.

A $42 million hacking incident occurred at the decentralized derivatives trading protocol GMX, and it appears that the hacker has returned the stolen virtual assets (cryptocurrency). On the 13th (local time), Cointelegraph reported via X (formerly Twitter), "The GMX hacker has accepted a white hat bounty offer worth $5 million and has returned the stolen assets." Previously, GMX had left a message to the hacker offering a white hat bounty of 10%. A white hat bounty is a reward paid to hackers who discover security vulnerabilities.

An anonymous trader has reportedly earned over $1.5 million in profit through a long position on the governance token PUMP of Pump.fun, a meme coin issuance platform built on Solana (SOL). On the 13th (local time), Lookonchain announced on X (formerly Twitter), "Yesterday, trader 0x6b78 established a 3x leveraged long position on PUMP," and added, "He realized a profit of $122,000 by closing part of his position after PUMP’s price broke through $0.007." The statement continued, "The unrealized profit on his remaining position is about $1.39 million." Meanwhile, the initial coin offering (ICO) price of PUMP was $0.004 per token.

It has been found that investors holding fewer than 100 Bitcoin (BTC) are accumulating approximately 19,300 BTC each month. On the 13th (local time), Glassnode stated via X (formerly Twitter), "Wallet addresses with less than 100 BTC purchase about 19,300 BTC each month," adding that, "During the same period, the amount of Bitcoin mined is only 13,400 BTC." Glassnode added, "Such continued buying by these investors could trigger a supply shock for Bitcoin." As of 12:45 p.m., based on the Binance USDT market, Bitcoin is trading at $117,728, up 0.01% from 24 hours ago.

It has been observed that spot Bitcoin (BTC) ETF funds recorded inflows of over $1 billion for two consecutive days, marking the first time this has happened since their launch. On the 13th (local time), Satoshi Club announced on X (formerly Twitter), “Spot Bitcoin ETFs have recorded inflows exceeding $1 billion for two straight days,” and “this is the first occurrence since their launch in January last year.” According to Farside Investor data, Bitcoin spot ETF inflows reached $1,175,600,000 on the 10th and $1,029,600,000 on the 11th, respectively. It was further stated, “ETF demand for Bitcoin has far surpassed its supply,” and “on the 10th, the number of Bitcoins purchased by ETFs was close to 10,000, while only 450 coins were mined that day.”