- The 11 ETFs bought 8x more than the 3,150 new Bitcoin mined during that same period.
- The BTC ETFs have amassed assets under management (AUM) of around $61 billion.
In the first week of June, spot Bitcoin ETFs in the US purchased the equivalent of over two months’ worth of BTC’s mining supply. According to statistics from HODL15Capital, the 11 ETFs had inflows of almost $1.83 billion during the trading week of June 3–7, purchasing 25,729 Bitcoin — about eight times more than the 3,150 new Bitcoin mined during that same period.
This was the largest week of purchasing since Bitcoin reached its all-time high of $73,679 in mid-March, with 29,592 BTC bought (according to HODL15Capital’s tally), almost equaling the total amount of Bitcoin acquired in May.
Investors Optimistic
The 11 ETFs have amassed assets under management (AUM) of around $61 billion, with $15.69 billion in net inflows since their January debut. This figure does not include the $17.93 billion in net withdrawals from Grayscale’s fund.
The intrinsic scarcity mechanism of Bitcoin, which limits the total supply to a maximum of 21 million BTC, has led its advocates to refer to the cryptocurrency as “digital gold” for some time.
Despite gold ETFs having been operational for 20 years and Bitcoin ETFs for just five months, ETF Store president Nate Geraci pointed out in a June 9 X post that the country’s Bitcoin ETF AUM is about 60% of gold ETFs.
In the midst of a boom in investment into Bitcoin exchange-traded funds (ETFs) in the United States, the asset reached $71,093 on June 5. This was the first time it has been over $71,000 since May 21. Since the price of the cryptocurrency is more affected by macroeconomic variables and geopolitical events, it has been difficult to surpass its present high.
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