Investment vehicles for Bitcoin (BTC), are experiencing “gargantuan inflows” this month. This is a new sign that traders’ appetite to have BTC exposure is growing.
This week, data from Arcane Research shows that Bitcoin exchange-traded goods (ETPs), now have record high amounts of BTC under management.
Bitcoin ETPs are enjoying “happy days” as more buyers flood in
BTC price action is not drawing in buyers at more than 50% below its all-time highs. However, not everyone feels risk-off.
Arcane’s data shows that Bitcoin ETPs have been the subject of a lot of interest from institutional investors this month as well as last.
Bitcoin ETPs (which include products like the ProShares Bitcoin Strategy ETF) now have 205,000 BTC under control, a record.
While uploading the numbers to Twitter, Vetle Lunde, an Arcane analyst, stated that “While May’s recovery was strong in ETPs”, June saw even happier days.”
“The global BUM reached a new record high of 205.008 BTC in the first two days of June thanks to massive net inflows to Purpose and 3iQ Coinshares.
Chart of Bitcoin ETF investments. Source: Vetle Lunde/ Twitter
More than 7,000 BTC were transferred to ETPs in the first few days alone of June, nearly as much as the entire May period, which saw an incredible 9,765 BTC increase.
Zhu Su, cofounder and asset manager Three Arrows Capital, responded with “Massive $BTC Inflows into Bitcoin ETFs already in June,”
GBTC gets little reprieve
According to Coinglass, the Purpose Bitcoin ETF had $1.294 Billion in assets as of June 3rd, data from the on-chain monitoring resource Coinglass, this was the first Bitcoin spot price ETF anywhere in the world.
Related: Bitcoin jumps to $30.7K after analyst presents Stock-toFlow BTC price model
The purpose of Bitcoin ETF assets under management chart. Source: Coinglass
Grayscale Bitcoin Trust (GBTC) remained a industry stalwart, but things were less rosy.
Coinglass data shows that GBTC trades at a record low to the Bitcoin spot price of 28.68%, as of June 3.
Cointelegraph previously reported on Grayscale’s ongoing struggle to convert GBTC into a Bitcoin spot exchange fund.
GBTC holdings, Discount vs. BTC/USD chart. Source: Coinglasscom. You should do your research before making any investment or trading decision.