Key Takeaways
- US Bitcoin ETFs bought 18,644 BTC last week—6x more than was mined.
- BlackRock's IBIT led inflows with nearly $2.5 billion in five days.
- Spot Bitcoin ETF market now approaches $110 billion in size.
Spot Bitcoin ETFs in the U.S. accumulated 18,644 BTC over the past week—almost six times more than the 3,150 BTC produced by miners during the same period, according to HODL15Capital.
Institutional demand & market impact
This surge in demand reflects growing institutional interest.
With miners generating just 450 BTC per day, ETFs are absorbing significantly more than new supply.
Over the five trading days, net inflows totaled around $1.8 billion, despite a single outflow on April 30, according to Farside Investors.
Bitcoin price movement
The buying spree coincided with Bitcoin’s brief 4% rally to a six-week high of $97,700 on May 2.
Prices have since retraced to around $94,000, the same level as the previous week.
BlackRock’s iShares Bitcoin Trust performance
BlackRock’s iShares Bitcoin Trust (IBIT) led the ETF pack, drawing nearly $2.5 billion in new capital over the last five trading days.
The fund has now recorded 17 consecutive days of net inflows.
Commentary on ETF growth
Nate Geraci, president of the ETF Store, commented on May 3 that despite restrictions from many wealth management platforms, spot Bitcoin ETFs have ballooned into a nearly $110 billion category.
He suggested that growth potential remains as access restrictions ease, saying:
Spot bitcoin ETFs are operating with one hand tied behind their backs.
Upcoming SEC decision on Litecoin ETF
Meanwhile, the SEC is due to make a decision on the Canary Capital spot Litecoin ETF by May 5.
Analysts expect a delay, though Bloomberg’s James Seyffart noted Litecoin may stand a better chance of approval compared to other filings.
