Bitcoin ETFs see $1.8 billion inflow

Spot Bitcoin (CRYPTO:BTC) exchange-traded funds in the United States accumulated approximately 18,644 Bitcoin last week, a figure nearly six times greater than the 3,150 Bitcoin produced by miners during the same period according to HODL15Capital.

This surge in ETF purchases comes as the daily mining output remains limited to around 450 Bitcoin following the recent halving event.

Farside Investors reported that the total net inflow for U.S. Bitcoin ETFs reached about $1.8 billion over the past five trading days, highlighting continued institutional and investor interest.

BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows, maintaining a streak of 17 consecutive days without an outflow.

“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” ETF Store president Nate Geraci commented.

He also noted that many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin ETPs.

“That’s why I’ve said spot bitcoin ETFs are operating with one hand tied behind their backs. Imagine what might happen as these restrictions are lifted,” Geraci added.

The strong ETF inflows coincided with a brief rally in Bitcoin’s price, which climbed 4% to a six-week high of $97,700 on May 2 before retreating to around $94,000, the same level as a week earlier.

Industry analysts have observed that ETFs are increasingly becoming a marginal buyer in the Bitcoin market, with their activity capable of influencing exchange activity and net buying volumes.

Meanwhile, the U.S. Securities and Exchange Commission faces a second deadline decision on a spot Litecoin ETF application, with more than 70 U.S. crypto ETFs awaiting regulatory review this year.

“If any asset has a chance of early approval, it’s Litecoin IMO,” analyst James Seyffart remarked, while also suggesting a delay is more likely.

At the time of reporting, the Bitcoin (BTC) price was $94,606.10.