The United States Bitcoin ETF absorbed as much Bitcoin as mined in May, in the first trading week of June.
Last week, in the United States, Bitcoin ETFs bought Bitcoin, equivalent to two months of mining supply.
According to HODL15Capital data, the 11 funds successfully bought 25,729 BTC, approximately worth $1.83 billion, in the first trading week of June from 3 to 7. This figure is eight times bigger than the 3,150 new bitcoins mined over the timeframe.
25,729 BTC is the total amount of BTC bought in the last week. It is nearly as much as the total acquired in all of May, which was 29,592 BTC, according to HODL15Capital. It was the biggest week of buying since mid-March, when Bitcoin reached its all-time high of $73,679.
The total inflow of funds encountered by 11 ETFs is almost $15.69 billion, since its launch in January. This also includes the net inflow of $17.93 billion from the Greyscale funds, and the total funds in assets under management are $61 billion.
Bitcoin supporters have long called it “digital gold” because it has a built-in limit of 21 million BTC that can ever be created.
Nate Geraci, president of The ETF Store, noted in a June 9 X post that Bitcoin ETFs already have assets under management (AUM) at 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.
After a notable inflow of funds into the United States Bitcoin ETFs, Bitcoin raised its head above the mark of $71,000. Bitcoin touched the $71,093 mark on May 21, according to CoinMarketCap data.
The tokens are trying their best to break their previous records as the price is “more heavily influenced by macroeconomic factors and geopolitical events,” Radar Bear stated while talking to a news platform.
