The 11 ETFs purchased 8 times more Bitcoin than the 3,150 new mined during the same period. The BTC ETFs have accumulated assets under management (AUM) of about $61 billion. In the first week of June, US spot Bitcoin ETFs bought the equivalent of over two months’ worth of BTC’s mining supply. According to data from HODL15Capital, the 11 ETFs saw inflows of nearly $1.83 billion during the trading week of June 3-7, acquiring 25,729 Bitcoin – approximately eight times more than the 3,150 new Bitcoin mined during that period.
This marked the largest week of purchases since Bitcoin hit its all-time high of $73,679 in mid-March, with 29,592 BTC bought, almost matching the total amount of Bitcoin obtained in May. The 11 ETFs have gathered assets under management (AUM) of around $61 billion, with $15.69 billion in net inflows since their debut in January. This total excludes the $17.93 billion in net withdrawals from Grayscale’s fund.
Bitcoin’s inherent scarcity mechanism, capping the total supply at 21 million BTC, has led supporters to dub the cryptocurrency “digital gold” for some time. Despite gold ETFs operating for two decades and Bitcoin ETFs for just five months, ETF Store president Nate Geraci noted in a June 9 post that the country’s Bitcoin ETF AUM is approximately 60% of gold ETFs.
Amid a surge in investment in Bitcoin exchange-traded funds (ETFs) in the US, the asset reached $71,093 on June 5, the first time surpassing $71,000 since May 21. Given that the cryptocurrency’s price is heavily influenced by macroeconomic factors and geopolitical events, surpassing its current high has proven challenging.
