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Spot Bitcoin ETFs emerged as the main source of Bitcoin buying in the third quarter, overtaking major accumulation companies, 21Shares said.
21Shares said spot BTC ETFs posted around $6.2 billion in net inflows in the third quarter, absorbing twice the amount of newly mined Bitcoin after reversing from $4.8 billion in net outflows in the second quarter. But long-term holders sold 248,000 BTC, worth $17.4 billion, or about three times the amount bought by spot ETFs. Major Bitcoin accumulation companies bought $7.1 billion in the second quarter but only $1 billion in the third quarter, according to the analysis.