Bitcoin (BTC) investment “vehicles” are seeing “huge” inflows this month, another indication that the appetite for exposure to the leading cryptocurrency is growing.
Data from the tracking company, Arcane Research, published this week, show that Bitcoin exchange traded products (ETPs) have set a record in the amount of BTC under management.
High interest from institutional investors in Bitcoin
“These are the happiest days for Bitcoin ETPs,” the report notes as buyers continue to increase despite the fact that Bitcoin price action is well below its all-time record high. According to Arcane’s data, Bitcoin ETPs have seen a surge of interest from institutional investors both this month and last.
In total, Bitcoin ETPs – which include products such as the ProShares Bitcoin Strategy exchange traded fund (ETF) – now have 205,000 BTC under their control, a new record high.
“While May’s rebound was strong in ETPs, June saw even happier days!” Arcane analyst Vetle Lunde told his Twitter followers, adding:
“The first two days of June saw huge net inflows to Purpose, 3iQ Coinshares and BITO, pushing global BUM (Bitcoin Under Management) to a new all-time high of 205,008 BTC.”
In the first few days of June alone more than 7,000 BTC have flowed into ETPs, an amount almost as much as had flowed in the entire month of May, which alone had already seen an impressive 9,765 BTC rise:
“Massive inflows of $BTC into Bitcoin ETFs already in June,” said Zhu Su, co-founder of asset manager Three Arrows Capital.
A short respite for GBTC
The Purpose Bitcoin ETF, the first Bitcoin spot ETF to be released anywhere in the world, had $1.294 billion worth of assets under management as of June 3, data from the chain’s tracking resource, Coinglass, confirmed.
However, things remained somewhat less rosy for industry pioneer, Grayscale Bitcoin Trust (GBTC). According to Coinglass data, GBTC continues to trade near a record discount, which currently stands at 28.68%.
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