Through pullback US Bitcoin ETFs buy 3.6 times daily issuance as inflows streak hits four days

U.S. spot Bitcoin ETFs bought about 1,620 BTC on Aug. 28, roughly 3.6 times the approximately 450 BTC miners create each day.

Per Farside Investors, net inflows totaled $178.9 million, the fourth consecutive positive session into Aug. 28. The supply side is fixed by protocol changes made in April 2024, when the block subsidy fell to 3.125 BTC, or about 450 BTC per day at an average 10-minute block time.

The demand impulse is directly measurable in coins. Using prices near recent trading levels, the Aug. 28 net dollar flow equates to around 1,600 BTC purchased by ETF vehicles in a single day, while new issuance remains near 450 BTC.

If that demand repeats over a span of sessions, it draws directly on the tradable float because ETF creations are backed by spot holdings in custody. Aug. 25 through Aug. 28 all printed positive totals, a sequence that coincided with a post Jackson Hole reset in rate expectations after Chair Jerome Powell said policy conditions may warrant easing, as shown in the Federal Reserve’s posted remarks.

Positioning through the fourth quarter centers on two linked variables, flow persistence and price elasticity. A simple translation of daily dollars into coins shows the scale.

At $50 million in average daily net creations, ETFs would absorb roughly 13,600 BTC over 30 trading days, 27,100 BTC over 60, and 40,700 BTC over 90.

At $100 million, the draw becomes about 27,100 BTC, 54,200 BTC, and 81,300 BTC over the same intervals.

At $150 million, the totals reach about 40,700 BTC, 81,300 BTC, and 121,900 BTC. A second lens fixes demand in issuance multiples, where one, two, and three times daily issuance over 60 trading days align to about 27,000 BTC, 54,000 BTC, and 81,000 BTC, respectively.

None of these figures embed a flow-to-price coefficient; they map the potential coin withdrawal relative to the steady 450 BTC of new supply.

Holdings data frame the available float. Trackers show roughly 1.292 million BTC now sit inside U.S. spot ETFs across issuers, led by IBIT, which holds about 747,000 BTC, according to WalletPilot’s ETF dashboard.

As creations accumulate shares, the underlying coins consolidate at custodians, which can amplify spot price sensitivity when order books are thin. The effect toggles with flows, and recent months have seen alternating streaks of creations and redemptions, a pattern visible in the rolling tables on Farside Investors.

Macro policy remains the background variable. Powell’s Aug. 22 Jackson Hole speech outlined a willingness to adjust rates as labor conditions evolve, which markets read as a higher probability of near-term easing.

Lower policy rates can recalibrate relative demand for duration and hedge assets, a channel that has historically supported gold and, by extension, spot-backed bitcoin funds when allocations are flowing.

The limits of this setup are straightforward. Dollar flows are volatile by day, creation mechanics vary by issuer, and price changes modify the BTC per dollar translation. Still, the arithmetic of the past week isolates the core dynamic.

On Aug. 28, U.S. spot funds added $178.9 million, about 1,620 BTC at recent prices, against roughly 450 BTC of new issuance. Aug. 28 was the fourth consecutive inflow day for the group.

The post Through pullback US Bitcoin ETFs buy 3.6 times daily issuance as inflows streak hits four days appeared first on CryptoSlate.