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Are Bitcoin ETFs buying more bitcoin than is mined?

Updated 2026년 10월 23일 (금) · weeks run Monday to Sunday · ETF flows from issuer filings, new bitcoin from the blockchain · How we compare

Not lately. Since January 2024 US spot Bitcoin ETFs have bought 694,305 BTC on net, 1.37 times the 507,084 BTC miners produced, but that lead was built in 2024. In 2026 to 10월 22일 their buying and selling have roughly cancelled out (+757 BTC against 132,294 mined), and in the week of 10월 12일~18일 they sold 2,783 BTC on net.

New bitcoin a day≈450466 measured
ETF buying that would match it≈3,150 BTC a week
Weeks the ETFs bought more than was mined69 of 145

For every 100 BTC mined, the ETFs bought on net

2024
ETFs +519,918 BTC · mined 211,266
246
2025
ETFs +178,890 BTC · mined 165,384
108
2026 to 10월 22일
ETFs +757 BTC · mined 132,294
0.6
Last 30 days
ETFs +5,041 BTC · mined 13,978
36

Each square is 10 BTC. Filled: bought by the ETFs, net of redemptions. Empty: mined and not bought by them. 2024 and 2025 by full weeks, Monday to Sunday.

Bitcoin bought by the ETFs vs bitcoin mined, since January 2024

running total, added up week by week · point at the chart to see any week
Bitcoin bought by the ETFs, net of salesBitcoin minedETFs ahead of new supply
2024ETFs 2.46× new supply2025ETFs 1.08× new supply2026 so farETFs about even0200K400K600K800Khalving · 20 Apr 2024ETFs ahead of new supplywidest lead, week of 2025년 10월 6일~12일417,488 BTCETFs ahead by187,220ETFs, net+694,305mined507,085
2024년 1월2025년 1월2026년 1월2026년 10월
Last full week · 10월 12일~18일SOLDon net−2,783 vs 3,353 mined
This week so far · 10월 19일~22일 in progressABOVE2.83×+5,288 vs 1,866 mined
Last 30 daysBELOW0.36×+5,041 vs 13,978 mined
Since launch · 2024년 1월 11일ABOVE1.37×+694,305 vs 507,084 mined

Week by week: did the ETFs buy more bitcoin than was mined?

One square is one week, Monday to Sunday. Green means yes; pale or red means no. Point at a square to see that week’s numbers.

2026년 10월 12일~18일SOLDETFs sold 2,783 BTC on net while 3,353 BTC was mined.latest full week
2024mostly yes
yes in 32 of 52 weeks · sold in 16
2025under half
yes in 23 of 52 weeks · sold in 20
2026mostly no
yes in 14 of 41 weeks · sold in 21
yes: the ETFs bought more than miners producedno: they bought, but lessno: they sold on netweeks still to come

The ETFs bought more than was mined in 69 of 145 full weeks: 32 of 52 in 2024, 23 of 52 in 2025 및 14 of 41 in 2026. The longest run was 7 weeks, 2024년 1월 29일~3월 17일; the last such week was 2026년 9월 21일~27일.

How much the ETFs bought or sold each week

The last 52 weeks · bars: ETF net creations in BTC · line: new bitcoin mined

ETFs bought on netETFs sold on netBitcoin mined that week
−30K−20K−10K0+10K+20K+30Kmined
2026년 1월2026년 4월2026년 7월2026년 10월

The biggest week of buying was +45,070 BTC (2024년 2월 12일~18일), the deepest week of selling −29,548 BTC (2026년 6월 22일~28일). The lighter bar is the current week, still in progress.

Which ETFs are doing the buying?

Net creations in bitcoin by fund, at each day’s average price

In 2026 the buying has been concentrated: IBIT took in 44,915 BTC while GBTC and FBTC together redeemed 61,157 BTC.

fund← soldbought →10월 12일~18일last 30 days2026 to date
IBITBlackRock−2,007+16,459+44,915
BTCGrayscale Mini−94+174+15,019
MSBTMorgan Stanley+80+813+10,765
BTCWWisdomTree0−48+467
BRRRCoinShares−1+29+420
EZBCFranklin Templeton0+202+52
BITBBitwise+27−1,300−1,038
HODLVanEck0−57−1,083
BTCOInvesco Galaxy−50−100−1,169
ARKBARK 21Shares0−3,302−6,433
FBTCFidelity−738−5,971−23,708
GBTCGrayscale0−1,858−37,449

How much bitcoin is mined per day

New bitcoin per day on the protocol’s schedule · the reward per block halves every 210,000 blocks, about every four years

05001,0001,5002,0001,800 a day12.5 BTC a block900 a day6.25 BTC a block450 a day3.125 BTC a block225 a day1.5625 BTC a blockhalving · May 2020halving · Apr 2024next halving · 2028, expectedUS spot Bitcoin ETFs launch · 11 Jan 2024now: 466 a daymeasured, last 30 days
2018202020222024202620282030

now: 466 BTC a day, measured over the last 30 days. Dashed line: US spot ETFs launch, Jan 2024. Steps: the halvings of May 2020 and Apr 2024; the next is expected in 2028.

About 450 BTC a day on schedule: a block roughly every ten minutes, 144 blocks a day, and 3.125 new BTC per block since the halving of 20 April 2024. The real number moves with the speed of blocks: over the last 30 days miners produced 13,978 BTC, 466 a day from about 149 blocks a day. In 2026 to date the average is 448.5 BTC a day.

The reward halves every 210,000 blocks. Transaction fees also go to miners, but they move existing coins and add no new supply, so they are not counted here.

bitcoin minedon schedulemeasured
Per day450466 last 30 days
Per week3,1503,353 10월 12일~18일
Per 30 days13,50013,978
Per year≈164,250132,294 2026 to date
Next halving: block 1,050,000, expected 2028225 a day1.5625 BTC per block

Records and streaks

Since the first trading day, 11 Jan 2024

Longest run above new supply7 weeks2024년 1월 29일~3월 17일
Current run0 weekslast above: 9월 21일~27일
Biggest week of buying+45,070 BTC2024년 2월 12일~18일
Biggest week of selling−29,548 BTC2026년 6월 22일~28일
Highest ratio to new supply11.3×2025년 4월 21일~27일
Biggest single day+18,174 BTC2024년 11월 7일
Biggest month of buying+118,123 BTC2024년 2월
Biggest month of selling−71,365 BTC2026년 6월

The last 12 weeks

Monday to Sunday · ETF net creations converted to bitcoin at each day’s average price

weekETFs, net BTCmined BTCETFs ÷ minedvs new supply
2026년 10월 19일~22일 in progressETFs +5,2881,866 mined2.8×ABOVE
2026년 10월 12일~18일ETFs −2,7833,353 mined—SOLD
2026년 10월 5일~11일ETFs −8,2363,378 mined—SOLD
2026년 9월 28일~10월 4일ETFs +2,8383,184 mined0.9×BELOW
2026년 9월 21일~27일ETFs +28,0573,097 mined9.1×ABOVE
2026년 9월 14일~20일ETFs −2043,203 mined—SOLD
2026년 9월 7일~13일ETFs −5,9353,238 mined—SOLD
2026년 8월 31일~9월 6일ETFs +12,3883,272 mined3.8×ABOVE
2026년 8월 24일~30일ETFs +11,6863,197 mined3.7×ABOVE
2026년 8월 17일~23일ETFs +27,7933,056 mined9.1×ABOVE
2026년 8월 10일~16일ETFs −6,0323,156 mined—SOLD
2026년 8월 3일~9일ETFs +13,4883,141 mined4.3×ABOVE

Source: issuer filings for ETF flows, the blockchain for new coins · as of 2026년 10월 22일 (목) · T+1. Not investment advice.

How we compare ETF demand with new supply

  • ETF demand is the daily net flow of all US spot Bitcoin ETFs in dollars, divided by that day’s volume-weighted average bitcoin price.
  • New supply is the block reward times the blocks found between midnights UTC: 6.25 BTC per block before 20 April 2024, 3.125 BTC after.
  • ETFs trade five days a week and miners work seven, so the comparison is made by full weeks, Monday to Sunday.
  • Net creations show the coins the funds added or removed, not how much they hold.
  • Only US spot Bitcoin ETFs are counted. Futures ETFs, funds listed elsewhere and companies buying bitcoin for their treasuries are not.
  • This describes flows, not a forecast. ETF demand above new supply does not by itself set the price: existing holders buy and sell too.

Use this comparison

Cite this

Since January 2024 US spot Bitcoin ETFs have taken in 694,305 BTC on net, 1.37 times the 507,084 BTC mined (as of 2026년 10월 22일). Source: cryptoetf.today — https://cryptoetf.today/ko/bitcoin-etf-buying-vs-mined

Free to quote with a link to cryptoetf.today. Figures update with each issuer release.

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This week’s ETF buying against new supply, updated every trading day.

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