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.