TLDR
US Bitcoin ETFs purchased 18,644 BTC in one week, nearly six times more than the 3,150 BTC mined during that period
BlackRock’s iShares Bitcoin Trust (IBIT) has seen 15+ consecutive days of inflows, with $530 million (5,613 BTC) added in a single day
Total Bitcoin ETF inflows reached approximately $1.8 billion over five trading days
BlackRock increased its stake in IBIT by 124% in Q1 2025, bringing its investment to $314 million
Bitcoin price has remained steady around $94,500, with analysts suggesting potential recovery to $100,000
US-based Bitcoin exchange-traded funds (ETFs) are buying Bitcoin at a rate that far exceeds mining production, highlighting growing institutional demand for the cryptocurrency. Data shows ETFs purchased nearly six times more Bitcoin than miners produced last week, creating a supply imbalance that could impact future price movements.
According to reports from asset allocator HODL15Capital on May 4, spot Bitcoin ETFs in the United States acquired 18,644 Bitcoin over the past week. During the same period, miners produced only 3,150 BTC. This represents a buying pace almost six times higher than current production rates, as miners generate approximately 450 coins per day.
The total value of ETF inflows over the past five trading days reached around $1.8 billion. There has been only one day of net outflows since April 16, as investor interest has tracked the market recovery.
BlackRock Leads ETF Buying Spree
BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the clear industry leader in Bitcoin accumulation. The fund has experienced almost $2.5 billion in inflows over five trading days and maintained a streak of 17 consecutive days without an outflow.
Most recently, IBIT added 5,613 BTC worth $530 million in a single day. This marks 15 straight days of inflows for the product, with total inflows since its launch exceeding $44 billion.
BlackRock has also increased its own stake in IBIT. During the first quarter of 2025, the asset manager boosted its holdings by 124%, bringing its total investment in the ETF to $314 million.
Bloomberg’s senior ETF strategist Eric Balchunas noted that IBIT is “hoovering up BTC like a madman” and now ranks 8th in year-to-date flows with +$6.4 billion. The fund was previously outside the top 50 ETFs by flow.
Deja vu in the weekly flows w/ $VOO and $IBIT in the top spots, just like last year when ‘beta with a side of bitcoin’ was the big theme. $IBIT now 8th in YTD flows (was out of Top 50 at one point) with +$6.4b. Been hoovering up btc like a madman ever since the decoupling. pic.twitter.com/Jh1sJdmqHa
— Eric Balchunas (@EricBalchunas) May 5, 2025
Despite these strong inflows, ETF Store president Nate Geraci pointed out that spot Bitcoin ETFs face distribution hurdles. Many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin ETPs.
“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,” Geraci stated in a May 3 blog post.
Market Conditions and Price Action
Bitcoin’s price movements have shown mixed signals recently. The cryptocurrency gained 4% in early May to reach a six-week high of $97,700 on May 2. However, it has since retreated to around $94,000 – roughly the same price it traded at a week ago.
The current market dynamics may be creating conditions for future price increases. Crypto analyst Kyledopps reported that “the froth is gone — the reset is real,” noting that Bitcoin’s MVRV (Market Value to Realized Value) ratio has touched its long-term mean at 1.74. This metric suggests unrealized gains have been flushed out, potentially setting up conditions for recovery.
Market observers are watching for signs of Bitcoin pushing toward the $100,000 level. The CoinGape Bitcoin price prediction indicator suggests the asset will remain around $94,600 over the next month. However, continued ETF inflows could provide additional momentum for future price increases.
Spot Bitcoin ETFs have grown into a nearly $110 billion investment category despite these distribution limitations. This growth comes as the SEC continues to evaluate other crypto ETF applications.
With over 70 US crypto ETFs awaiting SEC decisions this year, the market is watching for regulatory developments that could further expand institutional access to digital assets. One such decision involves Canary Capital’s spot Litecoin ETF filing, which faced a second deadline from the SEC on May 5.
