**US Bitcoin Spot ETFs Absorbed 2 Months' Worth of BTC Miner Output Last Week**
CryptoNewsTerminal Staff10 Jun, 2024
**US Bitcoin Spot ETFs Absorbed 2 Months' Worth of BTC Miner Output Last Week**
US Bitcoin Spot ETFs Absorbed Two Months' Worth of BTC Miner Issuance Last Week Cryptocurrency analyst HODL15Capital data, cited by Cointelegraph, shows that "US bitcoin spot ETFs absorbed two months' worth of bitcoin miner issuance last week." The media outlet explained that "between Monday, June 3, and Friday, June 7, the 11 US bitcoin ETFs bought approximately 25,729 BTC ($1.83 billion), roughly eight times more than the 3,150 BTC mined in the same period." The buying spree marks the largest accumulation since mid-March, when bitcoin hit an all-time high price of $73,679. This substantial buying pressure by spot ETFs indicates growing institutional interest in bitcoin as an investment asset. As more traditional investors enter the cryptocurrency space, the demand for bitcoin is likely to increase, potentially driving its price higher in the long term.
