In tune with the flow: Summer BTC ETP Recap

- Global BTC holdings by ETPs have declined by 20,168 BTC over the last three months. The most substantial downfall coincided with a huge 24,510 BTC redemption in Purpose.

June-August: Key takeaways

  • Bitcoin flows remain slow after the June chaos, and activity has been muted throughout the summer. The U.S. flows suggest that the bearish sentiment is ruling the market.

  • Global BTC holdings by ETPs have declined by 20,168 BTC over the last three months. The most substantial downfall coincided with a huge 24,510 BTC redemption in Purpose.

  • The latter part of August saw the newly launched U.S. short BTC ETF gain traction, while long-ETFs experienced outflows, leading August to become the second-worst month in U.S. BTC ETFs since launching in October 2021

  • Outside of Canada and the U.S., ETP flows remains slow, with no noteworthy developments over the last three months.

  • Overall, while negative U.S. flows and a huge Canadian liquidation have reduced the BTC ETP holdings, the relatively muted activity suggests that BTC ETP owners are willing to hold onto exposure in this bear market.

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