Bitcoin ETFs saw net inflows of 79,800 BTC in Q3... 1.93 times the mining volume

U.S. spot Bitcoin ETFs drew a net 79,800 BTC in Q3 2026, roughly 1.93 times the amount newly mined during the same period, according to a 21Shares analysis dated Sept. 30 and published Nov. 2. The inflows were valued at $6.2 billion, up from $4.8 billion in the prior quarter. About 91% of the quarterly total was concentrated in two windows, Aug. 17-27 and Sept. 21-25, which 21Shares said makes it hard to read the aggregate as steady demand. The gap between ETF absorption and new issuance matters because it shows fund flows, not mining supply, are driving available coins during burst periods. Watch whether inflows broaden beyond those short windows in the fourth quarter or remain episodic.