The Spot Bitcoin Exchange Traded Fund (ETF) in the US acquired nearly six times more Bitcoin than was mined last week.
This US-based Bitcoin fund snapped up 18,644 BTC during the week, while only 3,150 BTC were mined. The asset allocator, hodl15 Capital, is set to be discussed on May 4th.
Institutional buying, especially from ETFs, has outstripped miners’ production by almost sixfold, with miners generating about 450 coins daily.
Over the past five days, there was an influx of about $1.8 billion, despite experiencing net outflows on April 30th. According to far side investors, only one day has seen outflows since April 16th, indicating a market recovering.
The accumulation reached a six-week peak of $97,700 on May 2, with a 4% rise in assets tied to a boost in BTC spot prices earlier this month. Nevertheless, these assets dwindled back to around $94,000, similar to the levels from a week prior.
BlackRock’s Ishares Bitcoin Trust (IBIT) is leading the way, with inflows hitting roughly $2.5 billion over the last five trading days, enjoying a remarkable 17-day streak devoid of outflows.
Related: The BlackRock Bitcoin ETF is set to buy $970 million in BTC as inflows continue to rise.
“The Spot Bitcoin ETF is nearing the $110 billion mark, even while navigating significant distribution challenges,” stated Nate Geraci, president of the ETF Store, in a blog post dated May 3rd.
He noted that many wealth management platforms still restrict financial advisors and brokers from recommending or accessing Bitcoin ETPs.
“The Spot Bitcoin ETF feels somewhat constrained. Just think about what might occur if those restrictions were lifted.”
Litecoin ETF Decision Deadline
On another note, the Canary Capital Spot Litecoin (LTC) ETF filing is anticipated to face a second deadline from the Securities and Exchange Commission by May 5th.
“If any assets seem poised for early approval, it’s likely Litecoin,” remarked Bloomberg ETF analyst James Sefert on May 5th, echoing sentiments from fellow analyst Eric Baltunas earlier this year.
Bloomberg had reported in April that there are over 70 US crypto ETFs waiting on the SEC’s decision this year.
