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Thursday, August 11, 2022

Over 200K BTC Now Stored In Bitcoin ETFs

Bitcoin ETPs now have more BTC under control on behalf of clients than ever before.

Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for Bitcoin exposure is mounting.

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Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management.

“Happier days” For BTC ETPs As Buyers Pile In

Despite Bitcoin price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off.

According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last.

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In total, Bitcoin ETPs, which include products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now has 205,000 Bitcoin under their control — a new record.

“While the May recovery was strong in ETPs, June has seen even happier days!” Arcane analyst Vetle Lunde told Twitter followers while uploading the numbers on June 2.

“The first two days of June have seen gargantuan net inflows to Purpose, 3iQ Coinshares, and BITO, pushing the global BUM to a new all-time high of 205,008 Bitcoin.”

In the first few days of June alone, more than 7,000 BTC flowed to ETPs, almost as much as for the entirety of May, which, itself, saw an impressive 9,765 Bitcoin rise.

“Massive $BTC inflows into Bitcoin ETFs in June already,” Zhu Su, co-founder of asset manager Three Arrows Capital, reacted.

The Purpose Bitcoin ETF, the first Bitcoin spot price ETF to launch anywhere in the world, meanwhile had $1.294 billion worth of assets under management as of June 3, data from on-chain monitoring resource Coinglass confirmed.

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