ETFs
Bitcoin ETFs acquired 2 months of mining supply in June
Bitcoin ETFs are showing impressive activity. During the first week of June, US Bitcoin ETFs acquired almost two months of Bitcoin mining supply. These funds raised 25,729 BTC, a staggering amount compared to the 3,150 BTC mined during the same period. This influx, totaling approximately $1.83 billion, highlights the growing interest in crypto among institutional investors.
Additionally, Nate Geraci, president of ETF Store, noted that Bitcoin ETF assets now make up about 60% of the country’s gold ETFs, although they are much newer. This increase in ETF activity highlights Bitcoin’s evolving status as “digital gold,” reinforcing its role as a hedge against economic uncertainty.
Digital Asset Investment Products See Significant Inflows
Additionally, digital asset investment products started June off to a positive start, with almost all providers seeing inflows and seeing an overall inflow of $2 billion, according to the Weekly Fund Flow Report from CoinShares, published June 10.
Regionally, the United States leads capital inflows, contributing $1.98 billion, including the third-largest daily inflow on record earlier this week. BlackRock’s iShares Bitcoin ETF (IBIT) has now surpassed the Grayscale Bitcoin Trust, reaching $21 billion in assets under management (AT M).
Bitcoin was the star of the show, bringing in a whopping $1.97 billion during the week. Meanwhile, short-term Bitcoin products clearly weren’t feeling the love, with outflows reaching $5.3 million for the third week in a row. It seems that investors are quite optimistic about the future of Bitcoin.
Ethereum wasn’t left behind either, grabbing attention with $69 million in inflows, its best week since March. This surge likely came after the SEC gave the green light to Spot Ethereum ETFs, catching everyone off guard. The positive response from investors highlights Ethereum’s growing appeal and wider acceptance of its potential.
What is the price of Bitcoin?
On June 1, the price of Bitcoin was hovering around $67,670, and as of today, June 10, BTC price reached $69,316.
