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Monday, June 10, 2024
HomeCryptoBitcoin ETF only takes 1 week to "absorb all" BTC mining supply...

Bitcoin ETF only takes 1 week to “absorb all” BTC mining supply in 2 months

U.S. spot Bitcoin ETFs purchased roughly two months’ worth of BTC mining supply in the first week of June.

According to data from HODL15Capital, with capital inflows of about $1.83 billion, 11 ETFs bought 25,729 Bitcoins during the trading week of June 3 to 7, about 8 times more than the 3,150 new BTC mined during the same period. .

The amount of Bitcoin purchased during the week alone was nearly equal to the entire mined supply in May, around 29,592 BTC, and was the largest week of purchases since mid-March, when Bitcoin reached its current ATH around $73,679.

Weekly BTC Purchases of US Bitcoin ETFs Since Launch on January 11 | Source: HODL15Capital

The 11 ETFs have seen net inflows of $15.69 billion since launching in January, including net outflows of $17.93 billion from Grayscale’s fund, with total assets under management (AUM) about 61 billion USD.

Bitcoin advocates have long called the cryptocurrency “digital gold” due to its scarcity mechanism, with only 21 million BTC ever issued.

ETF Store President Nate Geraci noted in a June 9 post that Bitcoin ETF AUM is about 60% of the country’s gold ETFs, even though gold ETFs have been around for 20 years. and Bitcoin ETFs have only been around for 5 months.

Bitcoin hit a peak of $71,093 on June 5 amid a surge in inflows into the US Bitcoin ETF, the first time the asset reached above $71,000 since May 21.

On June 7, the co-founder of exchange “Radar Bear” said that the cryptocurrency has struggled to surpass its current peak, as its price is “heavily influenced by economic factors.” macroeconomic and geopolitical events”.

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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