Spot Bitcoin exchange-traded funds (ETFs) in the United States bought up nearly six times as many Bitcoin as were produced by miners over the last week.<\/p>\n
The US-based Bitcoin (BTC<\/a>) funds bought a whopping 18,644 Bitcoin over the past week when only 3,150 BTC were mined for the period, reported<\/a> asset allocator HODL15Capital on May 4.<\/p>\n This accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced since miners only generate 450 coins per day.\u00a0\u00a0<\/p>\n The total inflow for the past five trading days was around $1.8 billion, with a net outflow on April 30,\u00a0according<\/a>\u00a0to Farside Investors. There has only been one outflow day since April 16, as the inflows have mirrored market recovery.\u00a0<\/p>\n Last week\u2019s accumulation followed 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.\u00a0<\/p>\n Spot Bitcoin ETF flows. Source: <\/em>Coinglass<\/em><\/a><\/p>\n BlackRock\u2019s iShares Bitcoin Trust (IBIT) is the industry leader<\/a>, having seen almost $2.5 billion in inflows over the past five trading days and a streak of 17 days without an outflow.\u00a0<\/p>\n Related:<\/strong><\/em> BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market<\/strong><\/em><\/a><\/p>\n \u201cSpot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,\u201d said<\/a> ETF Store president Nate Geraci in a blog post on May 3.\u00a0<\/p>\n He added that many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin ETPs.\u00a0<\/p>\n \u201cThat\u2019s why I\u2019ve said spot bitcoin ETFs are operating with one hand tied behind their backs. Imagine what might happen as these restrictions are lifted.\u201d\u00a0<\/p>\n Meanwhile, the Canary Capital spot Litecoin (LTC) ETF filing is due for a second deadline decision from the US Securities and Exchange Commission by May 5. The issuer filed<\/a> for a spot Litecoin ETF alongside a spot XRP ETF<\/a> in October.\u00a0<\/p>\n \u201cIf any asset has a chance of early approval, it\u2019s Litecoin IMO,\u201d said<\/a> Bloomberg ETF analyst James Seyffart on May 5. \u201cPersonally think a delay is more likely,\u201d he added. Fellow analyst Eric Balchunas echoed the sentiment<\/a> earlier this year.<\/p>\n More than 70 US crypto ETFs are awaiting an SEC decision this year, Bloomberg reported<\/a> in April.\u00a0<\/p>\nLitecoin ETF decision due\u00a0<\/h2>\n