Bitcoin saw a sharp correction at the end of last week, but that was not due to the ETFs. In the first week of June, the Bitcoin ETFs achieved 2 months worth of mining production. Just as much as they bought in the entire month of May.
ETF investors are therefore quite bullish about the Bitcoin price.
$1.83 billion worth of Bitcoin
With inflows of approximately $1.83 billion, the ETFs brought in 25,729 Bitcoin in the week of June 3 to 7. That is about 8x more than the 3,150 Bitcoin that the miners managed to produce in the same period.
Last week, almost as much Bitcoin was purchased as during the entire month of May. During that period, the ETFs collected 29,592 Bitcoin. According to the figures from HODL15Capital, this was at least the best week since mid-March.
At the time, Bitcoin of course touched its provisional all-time high of $73,679. Since launching in January, the ETFs have seen total net inflows of $1,569 billion.
This also includes the $17.93 billion in outflows from Grayscale.
Bitcoin overtakes gold
What is special is that the Bitcoin ETFs in America are well on their way to overtaking gold. Nate Gerace of the ETF Store says that Bitcoin ETFs now control about 60% of the assets that gold ETFs manage.
Despite the fact that gold has had ETFs for about 20 years and Bitcoin has only existed for 5 months. So it seems that it won’t be long before Bitcoin is bigger than gold at least in this area.
In that respect, it is special that gold has a market cap of over $15 billion. This is of course also because central banks buy gold, gold is popular in jewelry and people physically buy their gold and have it stored.
Perhaps ETFs are not a popular way to buy and hold gold. Of course that could be possible.
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Source: https://newsbit.nl/bitcoin-etfs-kopen-in-1-week-voor-2-maanden-mining-productie-op/
