## US Bitcoin ETFs: A Demand Surge Since their approval on January 10th, US Bitcoin spot ETFs have significantly impacted the market. These ETPs have collectively acquired 529,325 BTC, demonstrating a substantial demand for the cryptocurrency. ## ETPs Absorb Over Twice the Newly Mined Bitcoin A key observation is that the amount of Bitcoin purchased by these ETFs far exceeds the new supply generated through mining. Specifically, the 529,325 BTC acquired is approximately 2.1 times greater than the 249,725 BTC mined during the same period. This imbalance highlights the considerable influence of US spot ETFs on Bitcoin's supply dynamics and price. The continuous buying pressure exerts upward pull. ```

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