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In the first full trading week of June, U.S. Bitcoin ETFs acquired nearly as much Bitcoin as they did in the entire month of May. Spot Bitcoin exchange-traded funds (ETFs) in the United States secured the equivalent of around two months’ worth of the cryptocurrency’s mining supply during the initial week of June.
With inflows totaling approximately $1.83 billion, the 11 ETFs purchased 25,729 Bitcoin (BTC) between June 3 and 7 — roughly eight times more than the 3,150 new BTC mined over the same period, as reported by HODL15Capital.
The Bitcoin acquired in this week alone was almost equal to the entire acquisition for May, which totaled 29,592 BTC, according to HODL15Capital’s data. This marks the largest weekly buying spree since mid-March when Bitcoin reached its current all-time high of $73,679. Since their January launch, the 11 ETFs have seen $15.69 billion in net inflows, offset by $17.93 billion in net outflows from Grayscale’s fund, bringing the total assets under management (AUM) to approximately $61 billion.
Bitcoin advocates have long promoted the cryptocurrency as “digital gold” due to its inherent scarcity, with only 21 million BTC ever being issued. ETF Store president Nate Geraci highlighted in a June 9 X post that Bitcoin ETF AUM is about 60% that of the country’s gold ETFs, despite gold ETFs being available for 20 years and Bitcoin ETFs for only five months.
Bitcoin hit a high of $71,093 on June 5, amid the surge of inflows to the U.S. Bitcoin ETFs. This was the first time the asset surpassed $71,000 since May 21, as per Cointelegraph Markets Pro.
The cryptocurrency has struggled to break past its current high, as its price is “more heavily influenced by macroeconomic factors and geopolitical events,” crypto exchange co-founder “Radar Bear” told Cointelegraph on June 7.