BlackRock's iShares Bitcoin Trust (IBIT) Buys Up Nearly Six Times the Amount of BTC Produced by Miners This Week

This accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced

The U.S.-based exchange-traded funds (ETFs) focused on Spot Bitcoin absorbed nearly six times the amount of Bitcoin that miners produced over the last week.

This is according to asset allocator HODL15Capital, which noted that the funds had bought 18,644 Bitcoin over the past week when only 3,150 BTC were mined for the period.

The accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced since miners generate only 450 coins per day.

The total inflow for the past five trading days was around $1.8 billion, with only April 30 seeing a net outflow, according to Farside Investors.

There has only been one outflow day since April 16, as the inflows have mirrored market recovery from the lows of the spring crypto crash.

Last week’s accumulation follows an increase in BTC spot prices in early May when the asset gained 4% to reach a six-week high of $97,700 on May 2.

However, the asset has since retreated to the $94,000 level, which is the same price it traded at this time seven days ago.

BlackRock’s iShares Bitcoin Trust (IBIT) is the industry leader, having seen almost $2.5 billion in inflows over the past five trading days and a streak of 17 days without an outflow.

“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” ETF Store president Nate Geraci stated in a blog post on Wednesday.

He added that many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin E.T.P.s.

Litecoin ETF decision due

Meanwhile, the Canary Capital spot Litecoin (LTC) ETF filing is due for a second deadline decision from the U.S. Securities and Exchange Commission by Thursday, May 4.

The issuer filed for a spot Litecoin ETF alongside a spot XRP ETF in October.

“If any asset has a chance of early approval, it’s Litecoin IMO. Personally, think a delay is more likely,” Bloomberg ETF analyst James Seyffart stated on Thursday.

Fellow analyst Eric Balchunas had earlier expressed a similar sentiment.

More than 70 U.S. crypto ETFs are awaiting an S.E.C. decision this year, according to a report by Bloomberg in April.output: