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Bitcoin-based ETFs listed in the US are driving an aggressive wave of accumulation, purchasing nearly six times more bitcoins last week than miners produced.

According to a report from asset allocation firm HODL15Capital dated May 4, Bitcoin-based ETFs acquired 18,644 BTC over the past week.

In comparison, only 3,150 BTC were mined during the same period — about 450 coins per day. The buying frenzy indicates growing interest from institutional investors, especially as supply becomes increasingly limited following the recent halving.

Despite a net outflow on April 30, data from Farside Investors shows that the total net inflow this week was around $1.8 billion.

Since April 16, there has only been one day of net outflow, with the overall market recovery improving investor sentiment.