According to CryptoSlate citing a report by 21Shares on November 6, Bitcoin ETF buyers net purchased 79,800 BTC in the third quarter of 2026, while 41,300 BTC were newly mined over the same period, bringing the purchase volume to nearly twice the newly mined supply. The report noted that 91% of the ETF inflows, denominated in BTC, were concentrated in two windows: August 17 to 27 and September 21 to 25. Over the same period, long-term holders' balances saw a net decrease of 248,000 BTC. As these are historical quarterly figures, a decrease in holder balances does not equate to the amount actually sold on the market, and cannot be simply added to the ETF purchase volume to calculate the supply-demand deficit.