- US Bitcoin ETFs bought six times more BTC than miners produced last week.
- Total ETF inflows reached $1.8 billion, with BlackRock’s IBIT leading the surge.
- Over 70 US crypto ETFs await SEC decisions, signaling rising institutional demand.
The Bitcoin market has witnessed a buying frenzy. US-based ETFs snapped up six times more Bitcoin than miners produced last week. The surge caught many investors off guard and sent a clear signal: institutional appetite for Bitcoin remains insatiable. As prices climbed in early May, ETFs aggressively accumulated BTC, causing a significant supply imbalance. Let’s dive deeper into this wave of demand and explore what it might mean for Bitcoin’s future.
ETFs Outpace Miners in a Stunning Display of Demand
According to HODL15Capital , US Bitcoin ETFs purchased a staggering 18,644 BTC last week. In contrast, miners generated just 3,150 BTC over the same period. Miners currently produce about 450 coins daily, yet institutions consumed almost six weeks’ worth of output in five trading days. This buying spree led to a total inflow of roughly $1.8 billion. The market saw only one day of net outflows—April 30. Since mid-April, inflows have mirrored the broader market recovery. The relentless accumulation underscores that institutional players view Bitcoin as an attractive asset.
BlackRock’s iShares Bitcoin Trust (IBIT ) led the pack. The fund recorded nearly $2.5 billion in inflows across five days. IBIT also maintained an impressive 17-day streak without outflows. This dominance highlights BlackRock’s influence and the growing trust investors place in regulated Bitcoin investment products. Bitcoin’s price responded in kind. Early May saw the asset gain 4%, reaching a six-week high of $97,700 on May 2. The rally, however, proved short-lived. Prices have since retreated to around $94,000—matching levels from one week ago.
The ETF Boom Faces Regulatory Headwinds
Spot Bitcoin ETFs now form a nearly $110 billion market category, according to ETF Store president Nate Geraci. He notes that many wealth management platforms still restrict advisers from recommending Bitcoin products. This restriction presents a hurdle, yet demand continues to surge, revealing untapped potential. Meanwhile, the regulatory landscape remains active.
The SEC faces a May 5 deadline for deciding on the proposed Canary Capital spot Litecoin ETF. The issuer also filed for a spot XRP ETF. Bloomberg ETF analyst James Seyffart commented that Litecoin may stand the best chance of approval—though he expects a delay. Fellow analyst Eric Balchunas shares this cautious optimism. Over 70 US crypto ETF applications now await SEC decisions this year.
The growing interest suggests that ETFs will play a pivotal role in shaping crypto adoption. If more products receive approval, demand could surge even higher. Investors should watch closely. The ETF wave signals a structural shift in how institutions access Bitcoin. With inflows outpacing miner supply by sixfold, the market’s dynamics may soon enter uncharted territory. Stay tuned.
