US Bitcoin ETFs bought 6x more than BTC miners produced last week
Spot Bitcoin exchange-traded funds (ETFs) in the United States purchased 18,644 Bitcoin in the past week, significantly outpacing the 3,150 Bitcoin mined during the same period. This accumulation represents nearly six times the production rate, with miners generating approximately 450 coins daily. Total inflows for the last five trading days reached around $1.8 billion, with only one outflow day since April 16, reflecting a market recovery. Bitcoin prices rose to a six-week high of $97,700 on May 2 but have since decreased to around $94,000. BlackRock’s iShares Bitcoin Trust led the inflows with nearly $2.5 billion and has experienced 17 consecutive days without outflows. The spot Bitcoin ETF market has grown to nearly $110 billion despite distribution challenges. A decision on the Canary Capital spot Litecoin ETF is expected by May 5, with analysts suggesting a delay is more likely. Over 70 US crypto ETFs are awaiting SEC decisions this year.
