Last week, spot Bitcoin exchange-traded funds (ETFs) in the United States bought an amount approximately equivalent to about two months of the leading cryptocurrency’s mining supply.
According to HODL15Capital’s data, with an investment of approximately $1.83 billion, 11 funds purchased 25,729 BTC during the trading week of June 3-7. This statistic is about eight times the amount of the 3,150 new BTC mined during the same period.
According to HODL15Capital, the amount of Bitcoin purchased in just one week was nearly the same as the entire month of May, which was 29,592 BTC. The first days of June were the biggest buying week since mid-March when BTC reached an all-time high of $73,679.
Comparison of Bitcoin and gold continues
In total, 11 ETFs, including a net outflow of $17.93 billion from Grayscale’s fund, saw a net inflow of $15.69 billion since its launch in January, with assets under management totaling approximately $61 billion. Bitcoin maximalists have long referred to the cryptocurrency as ‘digital gold’ due to the built-in scarcity mechanism, which has only allowed the issuance of 21 million BTC so far.
In a post dated June 9th, ETF Store President Nate Geraci stated that despite gold ETFs being in the market for 20 years, Bitcoin ETFs have only been in existence for five months. He noted that the amount of assets under management for Bitcoin ETFs is approximately 60% of the country’s gold ETFs.
According to Cointelegraph Markets Pro, Bitcoin reached its highest level last week at $71,093, for the first time above $71,000 since May 21, as inflows into U.S. Bitcoin ETFs increased.
Co-founder of the cryptocurrency exchange ‘Radar Bear’ stated in an interview with Cointelegraph last week that the BTC price is struggling to surpass its current highest level due to ‘being more affected by macroeconomic factors and geopolitical events’.
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