Approximately six times the amount of Bitcoin mined in the past week has been acquired by U.S. Spot Bitcoin exchange-traded funds (ETFs). According to HODL15Capital, nearly 18,644 BTC were bought by these ETFs, while only about 3,150 BTC were mined during the same period.
A daily limit of 450 coins has been set for miners, and recent acquisitions by institutional investors and ETF issuers have been reported to represent nearly six times the volume of BTC generated. According to Farside Investors, an investment management boutique, total inflows over the past five trading sessions were recorded at $1.8 billion.
Since April 16, just a single net outflow has been observed, occurring on April 30, as the consistent inflows have been interpreted as signs of a robust market rebound. The surge in purchases contributed to a sharp increase in the price of BTC at the start of May.
A six-week peak was reached by the asset on May 2, with its trading value climbing to $97,700, reflecting a 4% increase. Following that, a decline to $94,000 was observed, and at the time of reporting, the asset’s price was fluctuating around $94,660.
BlackRock Emerges as Market Front-Runner
The market has been led by BlackRock’s iShares Bitcoin Trust (IBIT), which recorded an unprecedented inflow of $2.5 billion over the past five days and maintained a 17-day streak without any outflows.
A blog post was shared on May 3 by Nate Geraci, President of The ETF Store, noting that Spot Bitcoin ETFs have surged into the $110 billion range despite having faced considerable distribution challenges.
It was further stated by him that most wealth management platforms continue to restrict financial advisors and brokers from offering guidance on or providing access to Bitcoin ETPs.
He remarked that this is the reason spot Bitcoin ETFs have been described as operating with one hand tied behind their backs. It was suggested that significant changes could be witnessed once these restrictions are lifted.
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