-Since the listing of the US spot Bitcoin ETP (exchange traded product), 529325 bitcoins have been purchased from the market. -At the same time, miners around the world only mined 249725 new bitcoins. 👉🏻 Why is this a bullish signal? 1. Demand>Supply When the demand for a certain asset exceeds the supply, theoretically the price will rise. In this example, ETF Buying more than twice as much as digging out indicates that a large amount of demand is "draining" the circulating Bitcoin in the market. 2. Spot ETFs buy physical Bitcoin These ETPs are not buying futures, but directly going to the market to buy actual Bitcoin. This is equivalent to locking a large amount of Bitcoin in ETFs and preventing it from freely circulating. As supply decreases, prices are naturally more likely to be pushed up. 3. This absorption is long-term These ETFs are designed for long-term holding by institutions and retail investors. After buying, many do not sell immediately, leading to a further decrease in the circulating market of Bitcoin.