U.S. Spot Bitcoin exchange-traded funds (ETFs) acquired approximately six times the amount of Bitcoin mined in the past week. According to HODL15Capital, these ETFs bought nearly 18,644 BTC, while miners produced only about 3,150 BTC during the same period.
Miners face a daily limit of 450 coins. Recent acquisitions by institutional investors and ETF issuers 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 reached $1.8 billion.
Since April 16, we have observed just a single net outflow, occurring on April 30, as consistent inflows signal a robust market rebound. The surge in purchases contributed to a sharp increase in the price of BTC at the start of May.
The asset reached a six-week peak on May 2, with its trading value climbing to $97,700, reflecting a 4% increase. Following that, it declined to $94,000, and at the time of reporting, its 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.
On May 3, Nate Geraci, President of The ETF Store, shared a blog post noting that Spot Bitcoin ETFs have surged into the $110 billion range despite facing considerable distribution challenges.
He further stated 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 why spot Bitcoin ETFs operate with one hand tied behind their backs. He suggested that the market could witness significant changes once authorities lift these restrictions.
