In a remarkable show of demand, U.S.-based spot Bitcoin exchange-traded funds (ETFs) scooped up nearly six times more BTC last week than miners were able to produce.
According to HODL15Capital, between April 28 and May 4, these ETFs acquired approximately 18,644 BTC, while miners generated just 3,150 BTC—equivalent to 450 coins per day. This sharp disparity underscores the growing appetite from institutional investors and ETF issuers for the leading cryptocurrency.
The buying frenzy translated into roughly $1.8 billion in net inflows over five trading days, although April 30 saw a brief pause with a daily outflow, as noted by Farside Investors. Since mid-April, ETF inflows have mostly aligned with Bitcoin’s price recovery, showing renewed investor confidence.
Bitcoin surged to a six-week high of $97,700 on May 2, gaining around 4%, before easing back to around $94,000, where it was trading a week prior.
Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), which has attracted close to $2.5 billion in net inflows over the last week. It also maintains an impressive 17-day streak without a single outflow.
“Spot Bitcoin ETFs have quickly grown into a nearly $110 billion market category,” wrote Nate Geraci, president of The ETF Store, in a blog post on May 3. He pointed out that these funds are still facing restrictions from many wealth management firms, which limit advisor access to crypto-linked products. “It’s like they’re operating with one hand tied behind their back,” Geraci said, hinting at even greater potential once such barriers are removed.
Spot Litecoin ETF Decision Approaching
In other ETF news, the U.S. Securities and Exchange Commission is set to deliver a second deadline decision on Canary Capital’s proposed spot Litecoin ETF by May 5. The company also filed for a spot XRP ETF last October.
Bloomberg ETF analyst James Seyffart suggested Litecoin might stand the best chance for early approval, though he believes a delay is more probable. His colleague Eric Balchunas previously expressed a similar view.
As of April, more than 70 crypto ETF applications are awaiting verdicts from the SEC, according to Bloomberg.
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