US Bitcoin ETFs bought 6x more than BTC miners produced last week

Spot Bitcoin exchange-traded funds (ETFs) in the United States bought up nearly six times as many Bitcoin as were produced by miners over the last week.

The US-based Bitcoin (BTC) funds bought a whopping 18,644 Bitcoin over the past week when only 3,150 BTC were mined for the period, reported asset allocator HODL15Capital on May 4.

This accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced since miners only generate 450 coins per day

The total inflow for the past five trading days was around $1.8 billion, with a net outflow on April 30, according to Farside Investors. There has only been one outflow day since April 16, as the inflows have mirrored market recovery

Last week’s accumulation followed an increase in BTC spot prices in early May when the asset gained 4% to reach a six-week high of $97,700 on May 2. However, the asset has since retreated to the $94,000 level, which is the same price it traded at this time seven days ago

Spot Bitcoin ETF flows. Source: CoinglassBlackRock’s iShares Bitcoin Trust (IBIT) is the industry leader, having seen almost $2.5 billion in inflows over the past five trading days and a streak of 17 days without an outflow

Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market

“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” said ETF Store president Nate Geraci in a blog post on May 3

He added 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.”

Litecoin ETF decision due

Meanwhile, the Canary Capital spot Litecoin (LTC) ETF filing is due for a second deadline decision from the US Securities and Exchange Commission by May 5. The issuer filed for a spot Litecoin ETF alongside a spot XRP ETF in October

“If any asset has a chance of early approval, it’s Litecoin IMO,” said Bloomberg ETF analyst James Seyffart on May 5. “Personally think a delay is more likely,” he added. Fellow analyst Eric Balchunas echoed the sentiment earlier this year.

More than 70 US crypto ETFs are awaiting an SEC decision this year, Bloomberg reported in April

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