ETF Funds Bought the Equivalent of Two Months' Mining Supply of Bitcoin Last Week.

Spot Bitcoin exchange-traded funds based in the United States purchased the equivalent of nearly two months' mining supply of the cryptocurrency last week. With approximately $1.83 billion in inflows, 11 funds purchased 25,729 #Bitcoins in the trading week from June 3 to 7, according to #HODL15Capital data; This is approximately eight times more than the 3,150 new Bitcoins mined at the same time.

The amount of Bitcoin acquired in just one week was nearly equal to 29,592 Bitcoins in the entire month of May, by HODL15Capital's count, and was the biggest week of buying since mid-March, when Bitcoin hit an all-time high of $73,679.

In total, the 11 #ETFs have seen net inflows of $15.69 billion since their launches in January; This includes a $17.93 billion net outflow from Grayscale's fund, with assets under management of approximately $61 billion. Bitcoin advocates have long touted the cryptocurrency as “digital gold” due to its built-in scarcity mechanism that ensures only 21 million Bitcoins can be released.

ETF Shop president Nate Geraci noted in a June 9 post that Bitcoin ETF AUM is about 60% of the country's gold ETF funds, even though gold-focused #ETF funds have been around for 20 years and #Bitcoin ETF funds have only been around for five months. Bitcoin reached a high of $71,093 last week, breaking above $71,000 for the first time since May 21, according to Tradingview data, amid increased influx into US Bitcoin ETF funds.

Radar Bear, co-founder of crypto exchange, said last week that the price of the cryptocurrency is struggling to break past its current high as it is more affected by macroeconomic factors and geopolitical events.
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