In the first week of June, Spot Bitcoin exchange-traded funds (ETFs) in the United States managed to acquire an amount equivalent to about two months’ worth of the cryptocurrency’s mining supply.
With inflows totaling approximately $1.83 billion, the 11 ETFs purchased 25,729 Bitcoin (BTC) during the trading week between June 3 and 7. This amount was approximately eight times more than the 3,150 new BTC mined during the same period, as reported by data from HODL15Capital.
The quantity of Bitcoin obtained in just that week nearly matched the total amount acquired in May, which was 29,592 BTC according to HODL15Capital. This week marked the largest buying spree since mid-March when Bitcoin reached its current all-time high of $73,679.
Since their launch on January 11, the 11 ETFs have witnessed net inflows of $15.69 billion. This includes $17.93 billion in net outflows from Grayscale’s fund, resulting in total assets under management (AUM) of approximately $61 billion.
Bitcoin advocates have often compared the cryptocurrency to “digital gold” due to its limited supply mechanism, with only 21 million BTC set to ever be issued.
On June 9, ETF Store president Nate Geraci highlighted in an X post that Bitcoin ETF AUM is currently at about 60% of the country’s gold ETFs, despite the latter having been around for 20 years compared to Bitcoin ETFs’ five-month existence.
During the surge of inflows to the U.S. Bitcoin ETFs, Bitcoin reached a high of $71,093 on June 5, marking the first time the asset had surpassed $71,000 since May 21, as per Cointelegraph Markets Pro.
However, the cryptocurrency has struggled to surpass its current peak, with its price being significantly impacted by macroeconomic factors and geopolitical events, as mentioned by crypto exchange co-founder “Radar Bear” in an interview with Cointelegraph on June 7.