Recent on-chain data indicates that Bitcoin investors have been acquiring supply at a rate approximately 5.5 times higher than what miners are producing.

In a recent analysis, James Van Straten discussed the ongoing accumulation among various cohorts of Bitcoin investors, juxtaposing it with the influxes seen in spot exchange-traded funds (ETFs).

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The chart shared by Straten illustrates a consistent trend of net inflows into the wallets of BTC investors, suggesting a prevailing sentiment of accumulation among them. This trend is compared with the data reflecting the network's monthly issuance, representing the BTC output from miners over the preceding month.

The analysis reveals that the pace of Bitcoin investor accumulation has outpaced the monthly issuance from miners. Specifically, investors have acquired approximately 71,000 BTC over the last thirty days, nearly 5.5 times the amount mined during the same period, which totals around 13,000 BTC.

This discrepancy prompts the question of where the additional Bitcoin is originating from. The answer lies in exchanges, as centralized exchanges—distinct from investor cohorts—have witnessed a significant reduction in their Bitcoin reserves, as highlighted in a CrypotQuant Quicktake post.

In terms of comparison, while spot ETFs have recently amassed approximately $1.4 billion worth of BTC, the net accumulation from investors stands at over $5.1 billion monthly. This data underscores substantial market demand, notwithstanding the notable inflows into ETFs.

BTC's price, hovering around $71,000 following a recent surge earlier in the week, indicates a period of consolidation in the market.