The US spot Bitcoin ETFs have continued to make waves while attracting more investors after their launch. Impressively, the ETFs received two months’ worth of BTC mining supply within the first week of June.
Reports revealed the 11 spot BTC ETFs acquired about 25,729 BTC worth $1.83 billion in the first week of June.
Spot Bitcoin ETFs Accumulate A 2-Month Worth Of BTC Mining Supply
Data from asset allocator HODL15Capital revealed that the 11 US spot Bitcoin ETFs recorded a cumulative inflow of 25,729 BTC tokens between June 3 and 7. Notably, based on current market prices, the net value of their acquisition is over $1.83 billion.
Moreover, the ETF’s Bitcoin volume is eight times greater than the 3,150 BTC mined in the same period.
Further, the data indicated that the amount of BTC acquired last week was close to the amount mined throughout May, which is 29,592 BTC. This marks the largest week of BTC acquisition after Bitcoin’s ATH of $73,750 in mid-March.
Since their launch in January, the spot Bitcoin ETFs have recorded a net inflow of $15.69 billion. The value includes total outflows of $17.93 billion.
The ETFs cumulatively boast assets under management (AUM) of about $61 billion.
Bitcoin Receives Increased Adoption And More Support As “Digital Gold”
Over the years, Bitcoin has attracted more attention in the cryptocurrency industry with growing proponents. The supporter categorized the primary crypto asset as digital gold.
Bitcoin was developed to accommodate a maximum supply of 21 million tokens. Also, this capped amount accounts for BTC’s scarcity mechanism, keeping it at the same level as real-life gold.
Nate Geraci, the president of ETF Store, reacted to the spot Bitcoin ETFs’ growth compared to US gold ETFs. In an X post on June 9, he mentioned that the ETFs’ AUM is currently 60% that of gold ETFs.
Further, Geraci noted that while the US gold ETFs are up to 20 years, spot BTC ETFs are just five months.
Moreover, spot Bitcoin ETFs have maintained a continuous inflow streak for 20 trading days, according to data from Farside Investors. As of June 7, the eleven ETFs saw a net inflow of $131 million in BTC tokens.
Meanwhile, the underlying asset, Bitcoin, has had a rollercoaster performance over the past few weeks. After trading below $70,000 for several weeks, BTC crossed this critical level on June 5 to hit $71,093. This marked Bitcoin’s first time trading above the $71,000 threshold since May 21.
However, this ascent was cut short as Bitcoin closed at the $69k region on June 5 and maintained the range over the weekend.
BTC’s price hovers around $69,369, indicating a 0.04% surge in the past day. Its market cap is currently at $1.37 trillion, with a 54.05% dominance over the altcoins. Also, Bitcoin’s trade volume rose by 34.54% to hit $16.4 billion.
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