- Strong growth overall in ETPs, ending the month at a new all-time high
- Growth has been solid in Canada, with Canadian ETFs seeing their strongest monthly inflows since March 2021
- The Brazilian Hashdex ETF BITH11 exploded in February, seeing 85% growth MoM leading the Brazilian ETF BTC balances to grow by 33% this month.
- ProShares dominates the U.S. ETF market, accounting for 94% of the total U.S. BTC ETF market, and saw very strong growth from mid-Jan to mid-Feb. A combination of the futures-roll and the Ukraine war led the fund to see massive outflows in the last week of February.
- Europe is the odd one out in the ETP market, seeing three consecutive months of net outflows.
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BTC ETP sector awaking from its winter-slumber
February was a strong month for the exchange-traded BTC funds, as we saw net inflows amounting to 5,839 BTC in February, leading the global BTC exposure of BTC ETPs to reach a new all-time high of 190,181 BTC on Feb 28th. Currently, ETP holdings alone amount to more than 1% of the circulating BTC supply.Preview
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European ETFs see the third consecutive month of net outflows
European BTC ETPs saw their third consecutive month of outflows in February. Nevertheless, February was a relatively flat month overall for the European BTC ETPs, seeing net outflows of 41 BTC, leading the total BTC under management in European ETPs to decline to 93,618 BTC.Preview
Canadian ETFs experience the strongest monthly net inflow since March 2021 – Honk honk?
Canadian ETFs saw a solid month in February, seeing net inflows amounting to 4,835 BTC leading the BTC under management by Canadian BTC ETFs to grow to 66,226 BTC.Preview
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U.S. ETF in the green again, but following the invasion of Ukraine, strong outflows erupted
The U.S. BTC ETF market saw strong inflows running up towards the last week of February when geopolitical fears shook the market. Overall, February ended in the green with a net exposure increase amounting to 765 BTC, a positive sign of increased demand for BTC exposure after net outflows in January. The BTC exposure of U.S. BTC ETFs amounted to 28,682 BTC as of Feb 28th.Preview
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Brazil – An overlooked market seeing very strong growth in February
Brazilian BTC ETFs are mostly overlooked - this is unsurprising given the small total AUM of 2,104 BTC. However, behind the curtain lays a market in tremendous growth. In February, Brazilian net inflows amounted to 524 BTC, a month-over-month growth amounting to 33%! The Brazilian ETF sector constitutes two pure-play BTC ETFs, Hashdex’s BITH11 and QR Asset’s QBTC11. In addition, Hashdex has also launched ETFs offering investors access to Ethereum, a DeFi themed fund, and an ETF providing exposure to a wide array of cryptocurrencies.Preview
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Zooming back out: Brazil, Canada and the U.S. see strong sustained growth, while Europe is slow
In sum, Brazilian and Canadian ETFs saw the strongest growth in February. The bitcoin exposure of Canadian ETFs grew by 7% in February, while the Brazilian ETFs saw a 33% growth in February, from a relatively low level.Preview
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