U.S. Bitcoin ETFs Accumulated 6x More BTC Than Miners Produced Last Week

Spot Bitcoin exchange-traded funds (ETFs) in the United States are driving an aggressive wave of institutional accumulation, purchasing nearly six times more Bitcoin than was created by miners in the past week. This extraordinary buying pressure highlights growing investor confidence in digital assets and the maturing role of Bitcoin in traditional finance.

According to data from digital asset allocator HODL15Capital shared on May 4, U.S.-based Bitcoin ETFs acquired a staggering 18,644 BTC over the course of the week. In stark contrast, only 3,150 BTC were newly mined during the same period, based on the post-halving average daily issuance of 450 BTC. This creates a supply-demand imbalance that could have significant implications for the asset’s price dynamics in the months ahead.

ETF Demand Surging as Market Recovers

The strong ETF inflows come at a time when the broader crypto market has been showing signs of recovery. Bitcoin’s price briefly surged to a six-week high of $97,700 on May 2, following a steady climb since the beginning of the month. Although the price has since pulled back to around $94,000 — roughly the same level as seven days ago — investor sentiment remains largely bullish, fueled in part by ETF-driven demand.

According to Farside Investors, the total net inflow into U.S. spot Bitcoin ETFs over the last five trading days totaled approximately $1.8 billion. Notably, there was only one day of net outflows during this stretch — April 30 — marking a near-uninterrupted streak of capital inflow since April 16.

This trend reflects a broader shift in how investors, especially institutions and wealth managers, are allocating capital toward digital assets in regulated, familiar investment vehicles.

BlackRock’s iShares Bitcoin Trust (IBIT) Dominates

At the forefront of this ETF-driven demand is BlackRock’s iShares Bitcoin Trust (IBIT), which continues to outpace its competitors. Over the last five trading days, IBIT alone accounted for almost $2.5 billion in inflows and has now logged 17 consecutive trading days without a single outflow.

BlackRock’s dominance underscores how major asset managers are leveraging their brand strength, distribution reach, and investor trust to attract capital into Bitcoin exposure vehicles. This wave of inflows is helping to cement spot Bitcoin ETFs as a significant new force in crypto market structure.

Spot Bitcoin ETF flows. Source: Coinglass

Nate Geraci, president of the ETF Store, highlighted the rapid ascent of Bitcoin ETFs into mainstream finance. “Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” Geraci said in a May 3 blog post.

He pointed out that many financial advisory platforms still restrict or entirely prohibit access to Bitcoin ETFs. “That’s why I’ve said spot bitcoin ETFs are operating with one hand tied behind their backs,” he added. “Imagine what might happen as these restrictions are lifted.”

Supply Shock Looms After Bitcoin Halving

The timing of this ETF buying spree is particularly significant as it coincides with the recent Bitcoin halving event that occurred on April 19. This event cut the block reward from 6.25 BTC to 3.125 BTC, reducing the daily supply of new Bitcoin from 900 to 450 coins.

With institutional buyers now scooping up Bitcoin at a rate far exceeding its new issuance, analysts are warning that a potential supply shock may be in the making. Historically, Bitcoin halving events have preceded major bull runs, and the post-halving ETF accumulation could serve as a powerful catalyst in that narrative.

“The supply squeeze is real,” said a crypto analyst at Galaxy Digital. “If demand continues at these levels or increases further, the market could see accelerated price movement.”

Broader Crypto ETF Landscape Expanding

While Bitcoin remains the primary focus of ETF investors, interest in other cryptocurrencies is also growing. The U.S. Securities and Exchange Commission (SEC) is currently reviewing several new spot crypto ETF applications.

One of the next major decisions on the SEC’s calendar is regarding the spot Litecoin ETF filed by Canary Capital. The regulator is due to issue its second deadline decision by May 5. The filing, originally submitted in October alongside a spot XRP ETF proposal, is part of a wave of crypto investment products hoping to gain regulatory approval in 2025.

“If any asset has a chance of early approval, it’s Litecoin, in my opinion,” said Bloomberg ETF analyst James Seyffart on May 5. However, he tempered expectations, adding, “Personally, I think a delay is more likely.” Fellow Bloomberg analyst Eric Balchunas echoed the sentiment earlier in the year.

According to Bloomberg, more than 70 U.S.-based cryptocurrency ETFs are currently awaiting SEC decisions. These products range from Bitcoin and Ethereum to lesser-known assets like Solana, XRP, and Chainlink.

Institutional Involvement Signals a New Era

The scale of capital flowing into U.S. spot Bitcoin ETFs in recent weeks signals a fundamental shift in how institutions approach the crypto market. ETFs offer regulated, secure, and easily accessible exposure to Bitcoin — and are increasingly seen as the gateway for large-scale investment in digital assets.

As regulatory clarity improves and platform restrictions ease, experts believe that this is only the beginning of a much larger wave of institutional participation.

"Bitcoin ETFs are finally delivering on the promise of bridging traditional finance with the crypto world,” Geraci said. “We’re only scratching the surface of what’s possible when that bridge is fully operational.”