Bitcoin ETFs Accumulate Massive BTC Supply in June Trading Week

U.S. Bitcoin ETFs have acquired a significant amount of Bitcoin (BTC) in the first week of June, equivalent to approximately two months' worth of BTC mining supply.

• The 11 ETFs bought 25,729 BTC between June 3-7, with inflows of $1.83 billion, far exceeding the 3,150 BTC mined during the same period.
• This weekly acquisition almost matches the 29,592 BTC acquired in all of May, the largest weekly purchase since mid-March.

The cumulative net inflows into these ETFs have now reached $15.69 billion, and assets under management stand at $61 billion. Notably, Bitcoin ETFs' assets are 60% of gold ETFs in the U.S., despite their shorter lifespan.

Amid this buying surge, Bitcoin's price hit a high of $71,093, though it has faced challenges since then due to external factors.