Exchange-traded funds (ETFs) for spot bitcoin (BTC) have taken over in the United States
US Bitcoin (BTC) spot exchange-traded funds (ETFs) captured about two months’ worth of mining supplies for the cryptocurrency last week.
With inflows of around $1.83 billion, the 11 funds bought 25,729 bitcoins during the trading week between June 3 and 7, about eight times more than the 3,150 new bitcoins mined during of the same period, according to data from HODL15Capital.
The amount of Bitcoin acquired in the week alone was roughly the equivalent of the entire month of May, or 29,592 BTC, according to a tally by HODL15Capital, the largest week of buying since mid-March, when Bitcoin hit an all-time high of $73,679. .
In total, the 11 ETFs have seen $15.69 billion in net inflows since their launch in January, including $17.93 billion in net outflows from the Grayscale fund, with assets under management of approximately $61 billion.
Bitcoin proponents have long described the cryptocurrency as “digital gold” due to its built-in scarcity mechanism that potentially sees only 21 million bitcoins issued.
about: Traders say Bitcoin ETF inflows will send the price of Bitcoin on a “parabolic path.”
ETF Shop Director Nate Geraci noted in a June 9 article that Bitcoin ETF assets under management represent about 60% of the country’s gold ETFs, even though gold ETFs have been around for 20 years and Bitcoin ETFs for only five months.
Bitcoin hit a high of $71,093 last week amid growing inflows into U.S. Bitcoin ETFs, marking the first time the coin’s price has exceeded $71,000 since May 21, according to Cointelegraph Markets Pro.
The cryptocurrency is struggling to rise above its current high because its price is “influenced more by macroeconomic factors and geopolitical events,” the co-founder of cryptocurrency exchange Radar Bear told Cointelegraph last week. .
review: Bitcoin ETFs Make Coinbase a “Trap” for Hackers and Governments – Trezor CEO
