Weekly Inflows into Spot Bitcoin ETFs Surpass $1.8 Billion

During the trading week from June 3 to June 7, U.S. spot Bitcoin ETFs acquired 25,729 BTC (approximately $1.8 billion at the average rate), while only 3,150 BTC were mined in the same period. This data comes from HODL15Capital. 

U.S. Bitcoin ETFs bought 2 month’s supply this week ? pic.twitter.com/eNwBmShWpX

— HODL15Capital ?? (@HODL15Capital) June 9, 2024

The first seven days of summer marked the most active period for ETF purchases since mid-March, when the leading cryptocurrency reached its all-time high. 

Since the launch of exchange-traded funds in the U.S. in January, the net inflow into 11 products has amounted to $15.69 billion. This figure also reflects an outflow of $17.93 billion from Grayscale’s GBTC.

The total assets under management (AUM) of all spot Bitcoin funds amount to approximately $61.1 billion.

Nate Geraci, President of ETFStore, noted that in five months, ETFs based on the leading cryptocurrency have accumulated 60% of the AUM of gold investment products ($105 billion), which have existed for over 20 years. 

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

At the time of writing, Bitcoin is trading at $69,470, with a market capitalization of $1.36 trillion. The coin has risen by 13.8% over the month. 

On June 7, digital gold fell below $69,000 following the release of U.S. unemployment data, but managed to recover some ground over the weekend. 

Analyst and MN Trading founder Michaël van de Poppe believes the asset is stuck between two significant levels.

#Bitcoin is consolidating between the two crucial levels.

It would be massive to have a breakout at $71.7K, but it’s standard to be conservative during CPI week. pic.twitter.com/Nf8Tpyc7nU

— Michaël van de Poppe (@CryptoMichNL) June 10, 2024

“It would be great to see a breakout at $71,700, but during the week following the release of the consumer price index, it’s wise to be conservative,” the expert added. 

Earlier, analysts at Standard Chartered predicted Bitcoin would reach $100,000 in November. Should Donald Trump win the U.S. presidential election, the company believes digital gold could soar to $150,000 by the year’s end.

Former BitMEX CEO Arthur Hayes has highlighted a shift in the macroeconomic backdrop and urged the purchase of the leading cryptocurrency.

Experts at Bitfinex believe that during the current bull market, Bitcoin will form a peak at some point in the fourth quarter of 2024. They also noted the potential for further growth remains.