US spot Bitcoin ETFs have been on a buying spree, purchasing around 28,600 BTC this week, while only 3,150 were mined on average.
This significant disparity highlights the growing demand for Bitcoin, with ETFs scooping up nearly nine times more BTC than miners produced.
In recent times, US Bitcoin ETFs have experienced strong trading volumes and growing inflows. For instance, in May, they acquired nearly 12,000 Bitcoins, which is roughly five times the total Bitcoins mined during that period. Similarly, last week, US Bitcoin spot ETFs purchased a total of 6,573 BTC, while miners mined only 3,150 BTC.
The surge in demand for Bitcoin ETFs can be attributed to institutional participation, with over 700 institutional investors seeking exposure to these funds. This trend suggests a growing confidence in Bitcoin as a store of value and a hedge against inflation.