U.S. Bitcoin ETFs Buy 6x More BTC Than Miners Produced Last Week
U.S. spot Bitcoin exchange-traded funds (ETFs) accumulated nearly six times more Bitcoin than was produced by miners over the past week, highlighting growing institutional demand for the asset.
According to data shared by asset allocator HODL15Capital, U.S.-based Bitcoin ETFs purchased 18,644 BTC between April 28 and May 3, while only 3,150 BTC were mined during the same period. With miners currently producing around 450 BTC per day, ETF demand continues to significantly outpace supply.
The surge in buying activity coincides with a broader market recovery. Bitcoin briefly touched a six-week high of $97,700 on May 2 before pulling back to around $94,000, where it traded at the start of the week.
Despite a brief net outflow on April 30, total ETF inflows for the week reached approximately $1.8 billion, according to Farside Investors. Since April 16, the majority of trading days have seen positive inflows into Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, posting $2.5 billion in inflows over the five-day span and extending its streak to 17 consecutive days without outflows. The spot Bitcoin ETF category has now grown to nearly $110 billion in assets under management.
ETF Store president Nate Geraci noted that many U.S. wealth management platforms still restrict access to Bitcoin ETFs, limiting their distribution potential. “Spot Bitcoin ETFs are operating with one hand tied behind their backs,” Geraci said. “Imagine what might happen as these restrictions are lifted.”
Meanwhile, the crypto ETF landscape continues to evolve. The U.S. Securities and Exchange Commission is due to make a second deadline decision on Canary Capital’s spot Litecoin ETF filing by May 5. The firm also submitted a similar application for a spot XRP ETF in October 2024.
Bloomberg ETF analysts suggest that while approval is possible, a delay is more likely. Over 70 U.S. crypto ETF applications are currently awaiting regulatory decisions this year.
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