One big reason for this imbalance is the appetite created by a series of US-listed bitcoin exchange-traded funds that were approved by the Securities and Exchange Commission in January and have attracted sizable amounts of new investor money over the last month.
Since the beginning of February, those products have purchased an average of 3,500-4,300 coins each day, according to three analysts who work for crypto money managers.
That is considerably more than the 900 coins being created each day by the bitcoin network over the same period.
