US-based spot Bitcoin exchange-traded funds purchased an amount equivalent to nearly two months of the cryptocurrency’s mining supply last week. According to HODL15Capital data, with an inflow of approximately $1.83 billion, 11 funds purchased 25,729 Bitcoin during the trading week from June 3 to June 7; this is nearly eight times more than the 3,150 new Bitcoins mined.
What Is Happening on the Bitcoin Front?
The amount of Bitcoin acquired in just one week was nearly equal to the entire month of May, totaling 29,592 Bitcoins, according to HODL15Capital’s count. It was the largest buying week since mid-March when Bitcoin reached its all-time high of $73,679.
In total, 11 ETFs have seen a net inflow of $15.69 billion since their January launches, including a net outflow of $17.93 billion from Grayscale’s fund, with assets under management totaling approximately $61 billion. Bitcoin advocates have long touted the cryptocurrency as “digital gold” due to its built-in scarcity mechanism that allows only 21 million Bitcoins to be released.
Notable Statement from a Famous Figure
Nate Geraci, president of ETF Store, stated in a June 9 post that despite gold-focused ETF funds being around for 20 years and Bitcoin ETF funds for only five months, Bitcoin ETF AUM is about 60% of the country’s gold ETF funds. According to Tradingview data, Bitcoin reached a high of $71,093 last week during a period of increased inflow into US Bitcoin ETF funds, surpassing $71,000 for the first time since May 21.
Radar Bear, co-founder of the crypto exchange, stated last week that the cryptocurrency’s price has struggled to surpass its current high due to being more affected by macroeconomic factors and geopolitical events.
With all these developments, the ongoing developments regarding Ethereum ETF funds continue to attract attention, and any positive developments in this process could also lead to an increase in the price of Bitcoin along with Ethereum.
