Important statistic in Bitcoin: It can determine the bull season!

Spot Bitcoin exchange-traded funds (ETFs) in the United States purchased the equivalent of nearly two months' mining supply of the leading cryptocurrency last week.

With inflows of approximately $1.83 billion, 11 funds purchased 25,729 BTC in the trading week from June 3 to 7, according to data from HODL15Capital. This statistic is nearly eight times more than the 3,150 new BTC mined during the same period.

According to #HODL15Capital , the amount of Bitcoin purchased in just one week was 29,592 BTC, almost the entire month of May. The first days of June marked the biggest buying week since mid-March, when BTC hit an all-time high of $73,679.

In total, the 11 ETFs have seen net inflows of $15.69 billion since their launch in January, including net outflows of $17.93 billion from Grayscale's fund, with assets under management totaling approximately $61 billion. Bitcoin maximalists have long referred to the cryptocurrency as “digital gold” due to its built-in scarcity mechanism, with only 21 million BTC able to be issued so far.

#ETF Store president Nate Geraci noted in a June 9 post that even though gold ETFs have been around for 20 years and Bitcoin ETFs have only been around for five months, the amount of assets under management in #Bitcoin ETFs is about 60 percent of the nation's gold ETFs. .

Bitcoin hit a high of $71,093 last week as inflows into U.S. Bitcoin #ETFs surged, breaking above $71,000 for the first time since May 21, according to Cointelegraph Markets Pro.

Crypto exchange co-founder “Radar Bear” told Cointelegraph last week that the BTC price is struggling to surpass its current high as it is “more influenced by macroeconomic factors and geopolitical events.”
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