Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
The month of June gave United States spot Bitcoin Exchange Traded Funds (ETFs) a major headstart from what it saw the previous month. In just the first week of June, the crypto ETFs acquired Bitcoin (BTC), which was approximately equivalent to two months’ worth of Bitcoin mining supply.
Spot Bitcoin ETFs Outperform Gold ETFs
Precisely, the eleven spot Bitcoin ETFs that were greenlighted by the US Securities and Exchange Commission (SEC) bought 25,729 Bitcoin between June 3 and 7. The acquisition was worth $1.83 billion. According to data from HODL15Capital, the Bitcoin mined during that time comes in at about 3,150 units, making the acquisition eight times greater.
HODL15Capital data count shows that for the entire month of May, spot Bitcoin ETFs acquired only 29,592 BTC. Compared to the figures registered in the first full trading week in June, these spot Bitcoin ETFs obviously had a hard time in May. It is worth noting that this past week marks the largest buying week after mid-March when Bitcoin price rose significantly and hit a new all-time high (ATH) of about $73,000.
Within the last five months that these Bitcoin ETFs were launched, they have collectively bagged net inflows of $15.69 billion. Besides the $17.93 billion in net outflows from Grayscale’s GBTC, the US spot Bitcoin ETFs boast a total of $61 billion in Assets Under Management (AUM). By this value, the ETF product is performing well especially when compared to traditional asset ETFs that have existed for a while.
While Gold ETFs have been for the past 20 years, five-month-old US spot Bitcoin ETFs currently have 60% of their AUM. ETF Store President Nate Geraci pointed out this growth in an X post on June 9. The surge in Bitcoin price this past week could be attributed to the increased acquisition of the flagship cryptocurrency by the ETFs.
Bitcoin Headed to $100,000
Bitcoin’s price action over the past week has been quite erratic marked by daily highs and lows. While Bitcoin soared as high as $71,093 on Wednesday, at the time of writing, it is currently trading at $69,407.61 with a 0.05% increase in the last 24 hours.
Even though the coin has returned to under $70,000, its move on June 5 was the first time Bitcoin crossed $71,000 after May 21. The flagship digital asset is having a hard time breaking through to hit its current ATH.
Crypto market experts are positive that if it succeeds in breaking through the ATH, BTC could be headed for $83,000 or even $100,000 before the end of this year.
Robert Kiyosaki, the author of “Rich Dad Poor Dad” is more bold in his prediction of Bitcoin price. Known for his bullish stance on cryptocurrencies, Kiyosaki strongly believes that BTC will reach $350,000 by August 25. Notably, much of his confidence in crypto comes from his lack of faith in the current US leadership.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.