Valuable statistic in Bitcoin: It can determine the bull period!

spotlight in the United States Bitcoinexchange traded funds ( ETF‘s) purchased the equivalent of nearly two months’ worth of mining supply of the leading cryptocurrency last week.

According to data from HODL15Capital, with inflows of approximately $1.83 billion, 11 funds purchased 25,729 BTC in the trading week of mid-June 3-7. This statistic is approximately eight times more than the 3,150 new BTC mined in the same period.

According to HODL15Capital, the measure of Bitcoin purchased in just one week was 29,592 BTC, almost the entire month of May. The first days of June marked the biggest buying week since mid-March, when BTC hit an all-time high of $73,679.

The comparison between Bitcoin and gold continues

In total, the 11 ETFs have seen net inflows of $15.69 billion since their launch in January, including net outflows of $17.93 billion from Grayscale’s fund, with assets under management totaling approximately $61 billion. Bitcoin maximalists have long referred to the cryptocurrency as “digital gold” due to its built-in scarcity system, where only 21 million BTC has ever been issued.

Although gold ETFs have been around for 20 years and Bitcoin ETFs have only been around for five months, the measure of assets under management of Bitcoin ETFs is about 60 percent of the nation’s gold ETFs, ETF Store president Nate Geraci said in a June 9 post. .

According to Cointelegraph Markets Pro, Bitcoin reached a high of $71,093 last week as inflows into U.S. Bitcoin ETFs increased, surpassing $71,000 for the first time since May 21.

Crypto exchange co-founder “Radar Bear” told Cointelegraph last week that BTC price is struggling to surpass its current high as it is “more influenced by macroeconomic factors and geopolitical events.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *