Bitcoin ETFs set for new wave of adoption as Marathon Digital sells portions of its mined coins

Bitcoin (BTC) hit $71,000 on Wednesday as Marathon Digital revealed it sold almost 63% of the coins it mined in May. Meanwhile, US spot Bitcoin ETFs continue to set new records.

Marathon sells amid growth in Bitcoin ETFs

Marathon Digital, the largest Bitcoin miner, revealed in its monthly report on Wednesday that it sold 63% of the total Bitcoin it mined in May.

The firm sold 390 out of the 616 BTC it mined in the month. Some community members have speculated that Bitcoin ETFs may be the buyers at the receiving end of Marathon's transactions.

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Bloomberg analyst Eric Balchunas had earlier highlighted that Bitcoin's consolidation over the past few weeks was largely due to Bitcoin ETFs soaking up the selling pressure from profit-taking investors. Marathon Digital may be among these sellers, with the company's report also hinting at more future sell-offs for "general corporate purposes." Several mining companies have come under pressure after speculation that the Bitcoin halving on April 19 will significantly impact their earnings.

In a report on Wednesday, short-selling company Kerrisdale Capital also blasted mining companies. "Bitcoin mining is easily among the worst business models for a public company we have ever encountered," they said.

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Following this report, Franklin Templeton CEO Jenny Johnson stated that another wave of Bitcoin ETF adoption is coming. She revealed in an interview with CNBC that she is "feeling good" about US Bitcoin ETFs and that her company may also be looking to acquire more market share ahead of future spikes.

"This is really the first wave of the early adopters, and I think the next wave is the much bigger institutions," she told CNBC.

Jenny's statement confirms the wide recognition of the spot Bitcoin ETFs and their continuous growth in market value since their approval in January.

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Spot Bitcoin ETFs also recorded their highest single-day inflows for the first time since March, according to data from Lookonchain. The highest single-day inflow was on March 12, with a total of $1.05 billion invested into the ETFs.

On Tuesday, the second-highest inflow was generated, most of which came from Fidelity and BlackRock, adding $379 million and $274 million, respectively. Based on the data, US Bitcoin ETFs now hold 86% of the global BTC held by Bitcoin's ETFs, with a total worth of $61.74 billion.