The ETF has established a new floor. I've seen that amount of BTC purchased daily is about 3.5 times that newly produced daily, which will be doubled at the halving (7x). The has set in motion a supply crunch that has potential to grow even further if active fund managers for things like pensions pour into the ETF if other equities experience trouble to keep their jobs. Ironically, I'm not sure that most of the new money entering even understands the purpose of BTC or if it evens matters.