US-listed spot Bitcoin exchange-traded funds (ETFs) are driving an aggressive wave of accumulation, buying nearly six times more Bitcoin last week than was created by miners.
According to a May 4 report from asset allocator HODL15Capital, spot Bitcoin ETFs acquired 18,644 BTC over the past week.
In contrast, only 3,150 BTC were mined during the same period—roughly 450 coins per day.
Institutional Demand For Bitcoin ETFs Surges as Post-Halving Supply Squeeze Tightens
The buying frenzy highlights the growing appetite from institutional investors, especially as supply becomes increasingly constrained following the recent halving.
Despite a net outflow on April 30, data from Farside Investors shows the total net inflow for the week amounted to approximately $1.8 billion.
Since April 16, there has been just one day of net outflows, with the broader market recovery bolstering investor sentiment.
U.S. Bitcoin ETFs bought 18,644 Bitcoin last week vs. 3,150 mined
pic.twitter.com/hTcUWECGr6
— HODL15Capital
The buying spree also coincided with a modest price rally. Bitcoin surged to a six-week high of $97,700 on May 2 before pulling back to around $94,000, where it currently sits—unchanged from the same time a week earlier.
Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), which has posted an uninterrupted 17-day inflow streak and brought in nearly $2.5 billion over the past five trading sessions alone.
ETF Store president Nate Geraci noted in a May 3 blog post that despite limited distribution access, spot Bitcoin ETFs have ballooned into a nearly $110 billion market.
“Many wealth management platforms still block financial advisers and brokers from offering these products,” he said.
“That’s why I’ve said spot Bitcoin ETFs are operating with one hand tied behind their backs. Imagine the impact when those restrictions are removed.”
SEC to Announce Decision on Litecoin ETF
Meanwhile, the U.S. Securities and Exchange Commission is expected to announce its second deadline decision on a proposed spot Litecoin ETF from Canary Capital by May 5.
The firm also filed for a spot XRP ETF last October.
Bloomberg ETF analyst James Seyffart commented that Litecoin has the best chance of early approval but still expects a delay. Fellow analyst Eric Balchunas echoed the cautious outlook.
According to their latest update, Solana and Litecoin lead the pack with a 90% approval likelihood, followed by XRP (85%), Dogecoin and Hedera (80%), and Cardano, Avalanche, and Polkadot (75%).
While spot Bitcoin and Ethereum ETFs have already received approval, the SEC has yet to greenlight any ETF product with staking functionality — something already seen in markets like Canada and Europe.
In a parallel development, the Crypto Council for Innovation, backed by major firms including a16zcrypto, Consensys, and Kraken, has called on the SEC for regulatory clarity on staking.
In a letter to Commissioner Hester Peirce, the coalition argued that staking is a technical process, not a securities transaction, and urged the agency to support its responsible inclusion in ETFs.
Currently, more than 70 crypto ETF applications are awaiting a decision from the SEC, according to Bloomberg.
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