Bitcoin ETFs siphoned off two months of BTC mining supply last week.

The U.S. spot Bitcoin (BTC) exchange-traded fund (ETF) acquired an amount equivalent to about two months of cryptocurrency mining last week.

According to data from HODL15Capital, 11 funds purchased 25,729 BTC during the trading week of June 3-7, with inflows of approximately $1.83 billion. This is approximately eight times more than the 3,150 new BTC mined in the same period.

The amount of Bitcoin acquired this week alone is nearly equal to the entire month of May, 29,592 BTC, per HODL15Capital tally, and is the biggest buying week since mid-March, when Bitcoin hit its current all-time high of $73,679.

Collectively, the 11 ETFs have seen net inflows of $15.69 billion since their January launch, including $17.93 billion in net outflows from the Grayscale fund, with approximately $61 billion in assets under management.

Bitcoin proponents have long touted the cryptocurrency as “digital gold” due to its built-in scarcity mechanism, which means there are only 21 million BTC that can be minted.

Related: Bitcoin ETF Flows Will Send BTC Price ‘Parabolic Run’, Traders Say

Nate Geraci, president of ETF Store, said in a post on June 9 that Bitcoin ETF AUM is about 60% higher than that of domestic gold ETFs, even though gold ETFs have been in existence for 20 years and Bitcoin ETFs have been in existence for only 5 months. It was mentioned that it amounts to %.

According to Cointelegraph Markets Pro, Bitcoin hit a high of $71,093 last week amid a surge in inflows into U.S. Bitcoin ETFs, the first time it has surpassed $71,000 since May 21.

Cryptocurrency exchange co-founder Radar Bear told Cointelegraph last week that cryptocurrency prices are “having a hard time exceeding their current highs as they are more influenced by macroeconomic factors and geopolitical events.” “He said.

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