The latest data reveals a significant imbalance in Bitcoin supply and demand, with U.S.-based spot Bitcoin exchange-traded funds (ETFs) absorbing nearly six times more BTC than miners are currently producing.
ETF Accumulation Surges Beyond Mining Output
According to asset allocator HODL15Capital, spot Bitcoin ETFs acquired 18,644 BTC in the past week, while miners generated only 3,150 coins during the same timeframe. With just 450 new BTC entering circulation daily due to the recent halving, institutional demand has sharply outpaced supply.
This accumulation is part of a broader trend that’s seen spot Bitcoin ETFs become a dominant force in the market since their approval. Despite occasional outflow days, the general trend over recent weeks has been consistent inflows—reflecting growing institutional confidence in Bitcoin’s long-term value proposition.
Market Recovery Fuels Institutional Interest
Over the last five trading days, net inflows to U.S. spot Bitcoin ETFs totaled around $1.8 billion. Although there was a single day of outflows on April 30, the general direction has been positive, aligning with Bitcoin’s price recovery in early May. On May 2, Bitcoin briefly surged to $97,700, its highest level in six weeks, before retracing to the $94,000 range.
This price movement highlights both the volatility and resilience of Bitcoin as it continues to attract capital from traditional financial institutions and asset managers.
BlackRock’s IBIT Leads the Charge
BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the leading vehicle among spot Bitcoin ETFs. Over the past week, it alone attracted nearly $2.5 billion in inflows and has now recorded 17 consecutive trading days without a single outflow.
“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” said ETF Store president Nate Geraci in a May 3 blog post.
Geraci also noted that many financial advisers and brokers remain restricted from recommending these products due to limitations on their platforms. “That’s why I’ve said spot bitcoin ETFs are operating with one hand tied behind their backs. Imagine what might happen as these restrictions are lifted,” he added.
A New Wave of Crypto ETFs on the Horizon
As interest in Bitcoin ETFs rises, attention is turning to other digital asset products. The U.S. Securities and Exchange Commission is expected to make a second-deadline decision on the proposed Canary Capital spot Litecoin ETF by May 5. The filing, submitted alongside a spot XRP ETF in October, could mark the beginning of wider ETF approvals.
“If any asset has a chance of early approval, it’s Litecoin IMO,” said Bloomberg ETF analyst James Seyffart. However, he also suggested a delay was more likely, a sentiment echoed by fellow analyst Eric Balchunas.
More than 70 crypto ETF applications are currently awaiting SEC decisions, indicating that institutional exposure to the digital asset space is set to broaden significantly in 2025.