Bitcoin ETF news: two months of BTC mining supply absorbed in the first week of June

Related

Even Vitalik Buterin shares his thoughts on the USA elections

A couple of days ago, even the most well-known...

Top-5 DEX Aggregators 2024

Decentralized exchange (DEX) aggregators have become vital tools in...

Share

The first week of June saw the spot Bitcoin ETFs in the USA absorb 2 months of BTC mining supply. In total, 25,729 Bitcoin were purchased from June 3 to 7, almost equal to the entire month of May. 

Bitcoin ETF news: from June 3 to 7, two months of BTC mining supply were absorbed

In the first week of trading in June, precisely from June 3 to 7, the 11 Bitcoin spot ETFs in the USA absorbed as much as 2 months of BTC mining supply. Here are the data reported by HODL15Capital. 

“The US Bitcoin ETFs have purchased 2 months of supply this week”

Apparently, therefore, June seems to start well. In fact, the US Bitcoin ETFs have purchased almost the same amount of Bitcoin as the entire month of May.

“June starts well. The US Bitcoin ETFs purchased 25,700 BTC during the first week”

In practice, the 11 ETF purchased 25,729 Bitcoin in the trading week between June 3 and 7, very close to the 29,592 BTC purchased throughout May. Not only that, last week was the largest purchasing week since mid-March, when Bitcoin had reached its ATH – All-Time High above $73,000. 

Bitcoin ETF news: June begins with two months of BTC mining supply already absorbed

In practice, the 11 ETF have captured inflows of about 1.83 billion dollars and purchased as many as 25,729 Bitcoin in the first week of June, which is about eight times more than the 3,150 new BTC mined in the same period. 

In the meantime, however, the price curve of BTC over the past week has risen from $69,000 to $71,700 only to fall back to the current $69,390.

Exactly from June 4th to June 8th, the price of BTC was above $71,000, while over the weekend it went back down. 

According to the news, instead, at the end of May, the head of digital assets at Goldman Sachs, Mathew McDermott, had expressed amazement at the success of Bitcoin ETFs. 

Not only that, McDermott also stated that this event signaled a change of course by Goldman which in the past had rejected the idea of Bitcoin ETFs. 

The hype about crypto ETFs

The probable run of Bitcoin ETFs in this first week of June could be in some way correlated to what is happening in the USA also regarding crypto ETFs. 

Today, for example, the news also arrived that the largest asset manager in the world, BlackRock, has said it is ready to request the ETF on Solana (SOL) next month. 

At the moment, it cannot be considered official news but only rumors, but if it were true, the possible approval of an ETF on SOL could represent a further step forward towards the mainstream adoption of cryptocurrencies. 

Last week, then, the CEO of Ripple, Brad Garlinghouse, released his positive forecasts regarding spot XRP ETFs, stating that their approval is inevitable even if we will have to wait until 2025. 

In the meantime, gli ETF su Ethereum spot già approvati, unlike those of Bitcoin, are experiencing delays in their stock market listing. The forecast is after July 4th, but the exchange-traded fund expert, Eric Balchunas, stated that the arrival of ETH ETFs in the markets could also happen by the end of June.