Bitcoin ETFs sucked up 2 months of BTC mining supply last week

Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months’ worth of the cryptocurrency’s mining supply last week.

With inflows of approximately $1.83 billion, the 11 funds bought 25,729 BTC in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.

The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capital’s count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.

The weekly BTC buys of U.S. Bitcoin ETFs since their Jan. 11 launch. Source: HODL15Capital/X

In total, the 11 ETFs have seen $15.69 billion in net inflows since their January launch, inclusive of the $17.93 billion in net outflows from Grayscale’s fund, with assets under management of around $61 billion.

Bitcoin proponents have long touted the cryptocurrency as “digital gold” due to its built-in scarcity mechanism that sees only 21 million BTC ever able to be issued.

Related: Bitcoin ETF flows will send BTC price into ‘parabolic run,’ traders say

The ETF Store president Nate Geraci noted in a June 9 X post that Bitcoin ETF AUM is around 60% that of the country’s gold ETFs, despite gold ETFs being around for 20 years and Bitcoin ETFs for only five months.

Bitcoin touched a high last week of $71,093 amid the surge of inflows to the U.S. Bitcoin ETFs, the first time it’s been above $71,000 since May 21, according to Cointelegraph Markets Pro.

The cryptocurrency has struggled to pass its current high as its price is “more heavily influenced by macroeconomic factors and geopolitical events,” crypto exchange co-founder “Radar Bear” told Cointelegraph last week.

Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO

Also Read More: World News | Entertainment News | Celeb News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Coinbase integrates Lightning Network for Bitcoin transactions

Coinbase has begun supporting the Bitcoin Lightning Network, providing users the choice…

DePINs are a proven path to crypto mass adoption — XYO co-founder

Decentralized physical infrastructure networks, or DePINs, remain one of the hottest narratives…

Turkey proposes aligning crypto legislation with international standards

The Turkish ruling party submitted the draft crypto bill to the parliament…

What happens to lost Bitcoin?

What is lost Bitcoin? Bitcoin is considered lost on the blockchain when…