Bitcoin Demand from ETFs in June Surpassed Miners' Capacity
From soft4bro Author: Robert Strickland (crypto-journalist)
In the first week of June, bitcoin ETFs in the US bought eight times more bitcoins than were mined by miners, spending $1.83 billion. From June 3 to 7, 11 exchange-traded funds bought 25,729 bitcoins, while only 3,150 bitcoins were mined during the same period.
According to HODL15Capital, the volume of bitcoins acquired in June was almost as much as the entire amount purchased in May — 29,592 BTC.
Capital inflows into American spot bitcoin ETFs continued for 18 consecutive days, marking the longest period of inflows in history. The net inflow of funds since the beginning of the year has increased to $15.5 billion. The total value of assets under management by the 11 US bitcoin ETFs reached $61.1 billion, approximately 4.47% of the existing coins.
The volume of assets under management by bitcoin ETFs has reached 60% of that of gold ETFs, despite gold exchange-traded funds having been in the market for about 20 years, whereas bitcoin ETFs were introduced just five months ago. This was noted by the president of ETF Store, Nate Geraci.
A record inflow of funds into spot bitcoin ETFs — over $1 billion — was recorded during the trading session on March 12. The second-largest daily investment inflow in the history of bitcoin funds was recorded on June 4 — $887 million. According to Cointelegraph, bitcoin reaching the $71,000 mark on June 5 coincided with investment inflows into the funds.
An important factor influencing the dynamics of the crypto market remains US inflation. Experts at 10x Research, led by Marcus Thielen, cited unemployment data along with other macroeconomic indicators as key conditions for bitcoin reaching a new high.
To confirm his forecast for bitcoin growth, Thielen expects the publication of the US Consumer Price Index (CPI) on June 12. A CPI decrease of 0.1%, to 3.3% or below, as it was in May, could become a catalyst for a new bitcoin rally. In May, after the CPI decreased by 0.1%, the first cryptocurrency rose by 7% within five days, reaching $71,400.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Powell: Employment is weakening, inflation remains high, and no one is talking about rate hikes now
Powell pointed out that the U.S. labor market is cooling, with hiring and layoffs slowing down and the unemployment rate rising to 4.4%. Core PCE inflation remains above the 2% target, but service inflation is slowing. The Federal Reserve has cut interest rates by 25 basis points and started purchasing short-term Treasury bonds, emphasizing that the policy path needs to balance risks between employment and inflation. Future policies will be adjusted based on data. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its generated content are still in the process of iterative improvement.
$RAVE TGE Countdown: When Clubbing Becomes an On-Chain Economic Activity, the True Web3 Breakthrough Moment Arrives
RaveDAO is rapidly growing into an open cultural ecosystem driven by entertainment, becoming a key infrastructure for Web3 to achieve real-world adoption and mainstream breakthrough.
A "hawkish rate cut" that's not so "hawkish," and balance sheet expansion that's "not QE"
The Federal Reserve has cut interest rates by another 25 basis points as expected, still projecting one rate cut next year, and has launched an RMP to purchase $40 billion in short-term bonds.
Trending news
MoreCrypto prices
More
