Last week, spot Bitcoin exchange-traded funds (ETFs) in the United States purchased an amount equivalent to approximately two months' worth of Bitcoin mining supply.
According to data from HODL15Capital, 11 funds received a total of 25,729 BTC between June 3-7, with an inflow of approximately $1.83 billion. This amount was approximately eight times more than the 3,150 new BTC mined during the same period.
According to HODL15Capital's calculations, the amount of Bitcoin purchased in just one week was almost equal to the 29,592 BTC purchased throughout the 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, while assets under management have reached nearly $61 billion. These inflows include a net outflow of $17.93 billion from Grayscale's fund.
Bitcoin advocates have long described Bitcoin as "digital gold" due to its 21 million BTC cap.
ETF Store president Nate Geraci noted in his June 9 post that although gold ETFs have been around for 20 years and Bitcoin ETFs have only been around for five months, assets under management in Bitcoin ETFs have reached nearly 60% 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 âRadar Bearâ told Cointelegraph last week that the BTC price is struggling to surpass its current high because it is âmore affected by macroeconomic factors and geopolitical events.â
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