Bitcoin exchange-traded funds (ETFs) in the United States saw a significant surge in acquisitions during the first week of June, equivalent to around two months’ worth of the cryptocurrency’s mining output.
With inflows totaling approximately $1.83 billion, a total of 25,729 Bitcoin (BTC) were purchased by 11 ETFs between June 3 and 7. This amount was nearly eight times more than the 3,150 new BTC mined during the same period, according to data from HODL15Capital.
The quantity of Bitcoin acquired in just one week almost matched the total amount purchased in May, which stood at 29,592 BTC. This buying spree marked the largest weekly accumulation since mid-March when Bitcoin reached its record high of $73,679.
Since their launch on January 11, the 11 ETFs have attracted net inflows of $15.69 billion, with total assets under management (AUM) reaching approximately $61 billion. This includes the net outflows of $17.93 billion from Grayscale’s fund.
Bitcoin enthusiasts often refer to the cryptocurrency as “digital gold” due to its limited supply of 21 million BTC. Despite being in existence for only five months, Bitcoin ETFs have managed to amass an AUM that is 60% of the country’s gold ETFs, which have been around for 20 years.
On June 5, Bitcoin reached a high of $71,093 amidst the increased inflows to the U.S. Bitcoin ETFs, the first time the asset had surpassed $71,000 since May 21. However, the cryptocurrency has struggled to exceed its current high, with its price being heavily impacted by macroeconomic factors and geopolitical events, according to crypto exchange co-founder “Radar Bear.”
In a recent X post on June 9, ETF Store president Nate Geraci highlighted the growing popularity of Bitcoin ETFs and their potential for further growth in the market.
Bitcoin ETFs absorb 2 months worth of BTC mining supply in initial week of June