Numbers cited show a demand / supply imbalance:

  • US-listed bitcoin exchange-traded funds ...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.
  • "There is simply not enough bitcoin to accommodate all the new demand, and so natural supply/demand dynamics are driving prices higher," said Grayscale Investments research head Zach Pandl.
  • There could be more supply problems to come due to a "halving" that is scheduled to take place in two months ... After ... halving, the daily supply of new coins will be 450 instead of 900.

Here is the link for more. What do folks think? Let me know in the cooents.