Bitcoin ETF

Bitcoin

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In the first full trading week of June, <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/">U.S.</a> Bitcoin ETFs acquired around two months' worth of Bitcoin's mining supply. From June 3 to 7, the 11 ETFs bought 25,729 Bitcoin, amounting to approximately $1.83 billion. This was eight times more than the 3,150 new BTC mined in the same period, as per <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/">HODL</a>15Capital data, according to <a href="https://cointelegraph.com/news/bitcoin-etfs-buy-two-months-btc-mining-supply">Cointelegraph</a>. 
The total Bitcoin acquired during this week nearly matched the entire amount bought in May, 29,592 BTC. This surge in demand made it the largest week of ETF Bitcoin purchases since mid-March, when Bitcoin reached its all-time high of $73,679.&nbsp; 
Bitcoin ETFs have seen $15.69 billion in net inflows since their launch in January, despite $17.93 billion in net outflows from Grayscale’s fund. The total assets under management (AUM) for these ETFs now stand at approximately $61 billion. 
Bitcoin's scarcity is a key factor driving these investments, as only 21 million BTC will ever be issued. Nate Geraci, president of the ETF Store, highlighted that Bitcoin ETF AUM is already 60% of U.S. gold ETFs' AUM, despite gold ETFs being around for 20 years and Bitcoin ETFs for only five months. 
On June 5, Bitcoin hit a high of $71,093 due to the inflow surge, marking its highest value since May 21. However, the cryptocurrency has struggled to maintain this high, being heavily influenced by macroeconomic factors and geopolitical events, according to "Radar Bear," co-founder of a crypto exchange. 
These ETF inflows signify strong institutional interest in Bitcoin, likely affecting market dynamics and pricing trends in the near future.

Bitcoin ETFs Absorb Two Months of Mining Supply in One Week

Ultramining_Eng

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