In a remarkable display of investor appetite, US-based spot Bitcoin exchange-traded funds (ETFs) purchased a staggering 25,729 Bitcoins last week, equivalent to nearly two months' worth of mining supply. This significant influx of $1.83 billion into the market marks a notable shift in investor sentiment.

The buying spree, which took place between June 3 and June 7, saw 11 ETFs acquire nearly eight times more Bitcoins than the 3,150 new coins mined during the same period. This surge in demand is a testament to Bitcoin's enduring appeal, with the cryptocurrency's scarcity mechanism - limited to 21 million coins - being a major draw for investors.

The president of ETF Store, Nate Geraci, highlighted the remarkable growth of Bitcoin ETFs, noting that despite being relatively new, they have already amassed assets under management (AUM) equivalent to 60% of gold ETF funds, which have been around for 20 years. As Bitcoin's price continues to fluctuate, influenced by macroeconomic factors and geopolitical events, the ongoing interest in Ethereum ETF funds could also impact Bitcoin's price trajectory.

In conclusion, the significant investment in Bitcoin ETFs signals a vote of confidence in the cryptocurrency market. With nearly $16 billion in net inflows since their launch in January, these funds are poised to play a significant role in shaping the future of Bitcoin and the broader cryptocurrency landscape."