Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June
In the first full trading week of June, U.S. Bitcoin ETFs acquired almost as much Bitcoin as they did in the entire month of May.
Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months’ worth of the cryptocurrency’s mining supply in the first week of June.
With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin (BTC) in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.
The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capital’s count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.
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Author: Jesse Coghlan
