Bitcoin Investors Buying 5.5 Times What Miners Are Producing


On-chain data shows that Bitcoin investors have recently been scooping up supply equal to 5.5 times what the miners have produced.

Bitcoin Investor Cohorts Have Been Busy Accumulating Recently

In a post on X, analyst James Van Straten discussed the accumulation that Bitcoin investor cohorts have been participating in and how it compares with the recent spot exchange-traded fund (ETF) inflows.

The investor cohorts here refer to groups of holders divided based on the amount of cryptocurrency they hold. In the context of the current topic, not any particular group is of interest, but all of them collectively are.

Below is the chart shared by Straten, which shows how the net flows into the wallets of BTC investors have looked recently.


The value of the metric seems to have been positive in recent weeks | Source: @jvs_btc on X

As the above graph shows, Bitcoin investors as a whole have been making net inflows into their wallets, suggesting that accumulation has been their dominant behavior.

The analyst has also attached the data for the network’s Monthly Issuance in the same chart. The “Issuance” here refers to the amount of BTC the miners produce by solving blocks. The Monthly Issuance is a measure of this amount over the past month.

From the graph, it’s apparent that Bitcoin investor accumulation has recently been higher than the Monthly Issuance. This would mean that investors have been buying BTC faster than the miners can produce it.

More specifically, the BTC investors have bought 71,000 BTC over the last thirty days, almost 5.5 times what the miners minted in the same period: around 13,000 BTC.

The chart also shows that, during the past year, the holder cohorts have continuously been scooping up BTC more than what miners have been producing, bar a few stretches.

How is it possible that the investors have been able to buy more than what’s being minted? Where is the extra Bitcoin coming from? The answer is exchanges. Centralized exchanges aren’t included with the investor cohorts and are where holders have been withdrawing coins.

As another analyst pointed out in a CrypotQuant Quicktake post, the Bitcoin Exchange Reserve has been going through a steep decline for a while now.

Bitcoin Exchange Reserve

Looks like the value of the indicator has been stuck in a downwards trajectory over the last couple of years | Source: CryptoQuant

As for how the Bitcoin investor demand compares against the recent ETF inflows, Straten has noted that these investment vehicles have added $1.4 billion worth of BTC to their inventories in the latest spree. On the other hand, the monthly net accumulation from the investors stands at more than $5.1 billion.

Thus, the market’s demand has been quite sizeable recently, even regardless of the dramatic inflows that the ETFs have seen.

BTC Price

Following its surge earlier in the week, Bitcoin has gone a bit stale as its price is still trading around $71,000.

Bitcoin Price Chart

The price of the coin appears to have been moving sideways during the last few days | Source: BTCUSD on TradingView

Featured image from Dall-E,,, chart from

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