ETF buying/selling pressure on miners' revenue (block reward + fees)

This chart illustrates the buying pressure from Bitcoin spot ETFs on miner revenues, which are the sum of newly minted coins plus block fees. The bars in the chart are the result of calculating the difference between the USD value of newly minted coins plus block reward fees minus the USD value of inflows to the Bitcoin spot ETFs. Large negative values mean that Bitcoin ETFs are buying significantly more than what miners are generating on a given day,thus pushing overall prices up. The chart also provides a good view of how much institutional demand there is for Bitcoin at different points in time since the inception of the ETFs.