ETFs
US Spot Bitcoin ETFs took 2 months of BTC mining supply in the first week of June
US spot Bitcoin ETFs continued to make waves while attracting more investors after their launch. Impressively, ETFs received two months of BTC mining supply in the first week of June.
Reports revealed that the 11 spot BTC ETFs acquired around 25,729 BTC worth $1.83 billion in the first week of June.
Spot Bitcoin ETFs accumulate 2 months worth of BTC mining supply
Data from asset allocator HODL15Capital revealed that the 11 US spot Bitcoin ETFs saw 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.
Additionally, the ETF’s Bitcoin volume is eight times the 3,150 BTC mined during the same period.
Furthermore, the data indicates that the amount of BTC acquired last week was close to the amount mined throughout May, which was 29,592 BTC. This is the largest week of BTC acquisition following Bitcoin’s ATH of $73,750 in mid-March.
Since their launch in January, spot Bitcoin ETFs have seen a net inflow of $15.69 billion. The value includes total outflows of $17.93 billion.
The ETFs have total assets under management (AUM) of approximately $61 billion.
Bitcoin enjoys increased adoption and support as ‘digital gold’
Over the years, Bitcoin has gained more attention in the cryptocurrency industry with more and more supporters. The supporter classified the leading crypto asset as digital gold.
Bitcoin was developed to accommodate a maximum supply of 21 million tokens. Furthermore, this capped amount explains the scarcity mechanism of BTC, keeping it on par with real gold.
Nate Geraci, President of ETF Store, reacted to the one-time growth of Bitcoin ETFs compared to US gold ETFs. In an X job on June 9, he mentioned that the assets under management of ETFs currently represent 60% of those of gold ETFs.
Additionally, Geraci noted that although US gold ETFs last up to 20 years, BTC spot ETF are only five months.
Furthermore, according to data from Distant investors. As of June 7, the eleven ETFs recorded a net inflow of $131 million in BTC tokens.
Meanwhile, the underlying asset, Bitcoin, has seen an up-and-down performance over the past few weeks. After trading below $70,000 for several weeks, BTC broke this milestone. critical level on June 5 to reach $71,093. This marked the first time Bitcoin traded above the $71,000 threshold since May 21.
However, this climb was cut short when Bitcoin closed in the $69,000 region on June 5 and held the range throughout the weekend.
The price of BTC is hovering around $69,369, indicating an increase of 0.04% over the past day. Its market capitalization currently stands at $1.37 trillion, with a 54.05% market dominance. altcoins. Additionally, Bitcoin trading volume increased by 34.54% to $16.4 billion.
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