In the first week of June, Spot Bitcoin exchange-traded funds (ETFs) in the United States made a significant impact by acquiring approximately $1.83 billion worth of the cryptocurrency. This amount is equivalent to around two months’ worth of Bitcoin mining supply. Data from HODL15Capital revealed that the 11 ETFs purchased 25,729 Bitcoin (BTC) between June 3 and 7, which is about eight times more than the 3,150 new BTC mined during the same period.
The amount of Bitcoin acquired in just one week almost matched the total amount acquired in May, which was 29,592 BTC, according to HODL15Capital. This recent buying spree marks the largest week of purchases since mid-March when Bitcoin reached its current all-time high of $73,679.
Since their launch on January 11, the 11 ETFs have seen a total of $15.69 billion in net inflows. This includes the $17.93 billion in net outflows from Grayscale’s fund. The total assets under management (AUM) for these ETFs amount to approximately $61 billion.
Bitcoin enthusiasts have often referred to the cryptocurrency as “digital gold” due to its limited supply of only 21 million BTC. Despite being in existence for only five months, Bitcoin ETFs have already accumulated AUM that is approximately 60% of the country’s gold ETFs, which have been around for 20 years.
On June 5, Bitcoin reached a high of $71,093 following the surge of inflows to the U.S. Bitcoin ETFs. This was the first time the asset surpassed $71,000 since May 21. However, the cryptocurrency has been struggling to break its current high, with its price being heavily influenced by macroeconomic factors and geopolitical events, as mentioned by crypto exchange co-founder “Radar Bear” on June 7.
In related news, Trezor CEO stated that Bitcoin ETFs have made Coinbase a target for hackers and governments.