Spot Bitcoin ETFs: June Acquisition Surpasses May Numbers

Spot Bitcoin ETFs: June Acquisition Sets Pace to Dwarf May Numbers

In the world of cryptocurrency, the month of June has proven to be a game-changer for United States spot Bitcoin Exchange Traded Funds (ETFs). A recent report indicates that in just the first week of June, these crypto ETFs acquired a significant amount of Bitcoin (BTC) that was equivalent to approximately two months’ worth of Bitcoin mining supply.

The eleven spot Bitcoin ETFs that received approval from the US Securities and Exchange Commission (SEC) made a substantial purchase of 25,729 Bitcoin between June 3 and 7, totaling $1.83 billion. This acquisition far surpassed the amount of Bitcoin acquired by these ETFs in the entire month of May, which stood at 29,592 BTC. The data from HODL15Capital reveals that the Bitcoin mined during the same period was only around 3,150 units, making the June acquisition eight times greater.

The surge in Bitcoin acquisitions by these ETFs comes at a time when the cryptocurrency market is experiencing heightened volatility. The price of Bitcoin has been fluctuating, reaching a high of $71,093 on Wednesday before settling at around $69,407.61 at the time of writing. Despite the price fluctuations, experts believe that if Bitcoin manages to break through its all-time high, it could potentially reach $83,000 or even $100,000 by the end of the year.

One notable figure in the cryptocurrency space, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has made a bold prediction that Bitcoin could reach $350,000 by August 25. Kiyosaki’s bullish stance on cryptocurrencies stems from his lack of faith in the current US leadership, which he believes will drive more investors towards alternative assets like Bitcoin.

The success of the US spot Bitcoin ETFs in acquiring a substantial amount of Bitcoin in June has not gone unnoticed. With a total of $61 billion in Assets Under Management (AUM) and net inflows of $15.69 billion within the last five months, these ETFs are outperforming traditional asset ETFs that have been in existence for much longer. The growth of these ETFs has been highlighted by ETF Store President Nate Geraci, who pointed out their impressive performance in a recent post.

Overall, the recent surge in Bitcoin acquisitions by spot ETFs and the positive price action of the cryptocurrency signal a bullish trend in the market. As Bitcoin continues to gain traction and institutional interest, the possibility of reaching new price milestones remains high, with experts and investors closely monitoring its trajectory in the coming months.