Last week, exchange-traded funds (ETFs) for Bitcoin in the United States acquired an amount of the cryptocurrency equivalent to about two months’ worth of its mining supply.
The 11 funds bought 25,729 BTC, totaling approximately $1.83 billion, during the trading week of June 3-7. This amount is eight times more than the 3,150 new BTC mined during the same time period, according to data from HODL15Capital.
This week of buying is the largest since mid-March when Bitcoin reached its current all-time high of $73,679. Compared to May’s total of 29,592 BTC, the amount of Bitcoin acquired in this one week alone is almost the same.
In total, the 11 ETFs have received $15.69 billion in net inflows since their launch in January. This number includes the $17.93 billion in net outflows from Grayscale’s fund. The combined assets under management for all the ETFs are around $61 billion.
The idea of Bitcoin being “digital gold” has been promoted by its supporters for a long time. This is due to the built-in scarcity mechanism, which means that only 21 million BTC can ever be issued.
