May has seen a strong recovery in the BTC ETPs, with global net inflows amounting to 9,765 BTC
This led global ETP holdings to grow to 197,536 BTC by the end of May. Momentum has further strengthened in early June, pushing the global BTC ETP holdings to a new all-time high of 205,008 BTC two days into June.
May saw the launch of Australian bitcoin ETFs. The launch has been very underwhelming, and by the end of May Australian BTC ETFs held 237 BTC under management.
Driven by solid inflows to Purpose, Canadian ETFs saw their strongest monthly net inflows in May since May 2022, leading the BTC under management from the Canadian BTC ETFs to surge to a new all-time high.
European ETNs continue to see sustained outflows, leading to negative flows from Europe on aggregate. However, within the European markets, the redeemable ETPs see small net inflows suggesting a restructuring of the European BTC ETP market.
U.S. and Brazilian flows have been rather slow throughout May, with slight monthly net inflows.