Key Points
- US Bitcoin ETFs acquired about 2 months of BTC mining supply in the first week of June.
- 11 BTC ETFs saw inflows of approximately $1.78 billion between June 3 and June 7.
According to the latest reports, US Bitcoin ETFs acquired the equivalent of about two months’ worth of crypto mining supply in the first trading week of June.
In other words, between June 3 and June 7, the ETFs bought 25,729 BTC worth about $1.78 billion at current prices. This is around eight times more than the 3,150 new BTC mined over the same time, HODL15Capital notes.
At the moment of writing this article, BTC is trading at around 69,300.
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The amount of Bitcoin acquired in the past week was reportedly about as much as the entire May, 29,592 BTC ($2 billion), the same reports reveal.
Last week was the biggest week of buying since mid-March when BTC reached its current ATH of almost $74,000.
The cumulative total net inflows of BTC ETFs since their launch in January is currently $15.69 billion, according to the data revealed by SoSoValue.
These include the $17.93 billion in net outflows from Garyscale’s BTC ETF, GBTC with total assets under management of approximately $61 billion.
Bitcoin is trading above $69k surrounded by optimistic predictions
Bitcoin seems to be managing to consolidate above the important level of $69k, after last week, the coin was able to reach close to $72k.
The coin remains surrounded by optimistic predictions. For instance, ETF Store’s president Nate Geraci noted in a post on X that Bitcoin ETF AUM is around 60% of the country’s gold ETFs.
This is despite gold ETFs being around for 20 years and Bitcoin ETFs have been launched at the beginning of 2024.
First physical gold ETF (GLD) launched nearly *20yrs* ago…
In *5mos*, spot bitcoin ETFs already have nearly 60% AUM of gold ETFs.
Gold ETFs = $105bil
Spot btc ETFs = $61bil
Consider this your spot btc ETF stat of the day.
— Nate Geraci (@NateGeraci) June 9, 2024
Recent predictions also addressed Bitcoin vs gold prices. Not too long ago, Peter Brandt predicted that BTC could surge 230% against gold in 12-18 months.
Willy Woo also revealed a comparison between gold inflation and BTC inflation – 1,47% vs. 0.78%. BTC’s inflation is obviously dropping compared to the one of gold. The current inflation of BTC is about half of the one of gold.
