Bitcoin ETFs Purchase 14,389 BTC, 5x More Than Mined, Worth $1 Billion

May 18, 2024, 01:41 PM

Bitcoin Exchange-Traded Funds (ETFs) have seen significant activity this week, purchasing a total of 14,389 BTC worth approximately $1 billion. This surge in buying is almost five times the amount of Bitcoin mined during the same period, which was 3,150 BTC. On a single day, Bitcoin ETFs bought 4,625 BTC worth $303 million, nearly ten times the daily Bitcoin issuance. Additionally, Grayscale reported an inflow of $27 million. The increased demand from Bitcoin ETFs, which bought $948,300,000 worth of Bitcoin, indicates a bullish trend in the market.