Market Analysis: Global Exchange Traded Products (ETPs) Approaching All-Time High in Bitcoin Holdings
Recent data from ByteTree suggests that global Exchange Traded Products (ETPs) are on the verge of reaching their all-time high of around 966k Bitcoin, a record that was initially established in 2021. One of the key drivers behind this surge is the remarkable success of spot Bitcoin ETFs in the United States, attracting a net inflow of approximately $5.5 billion.
Notably, over the last 30 days, global ETPs have witnessed a net influx of over 100k Bitcoin, surpassing the previous 30-day record of 90k Bitcoin established in 2020, as per ByteTree’s data.
Specifically, in February alone, there was a remarkable inflow of 96k Bitcoin, marking a significant contrast to the preceding four months’ figures: 13k, 31k, 5k, and 3k Bitcoin in October, November, December, and January, respectively. The surge in February nearly doubles the cumulative inflows between October 2023 and January 2024.
Leading up to the launch of the spot Bitcoin ETF, inflows can be partially attributed to the ProShares Bitcoin Strategy ETF (BITO) and the Purpose ETF in Canada, both recording an inflow of approximately 8k Bitcoin each in November, based on ByteTree’s data.
However, post-approval of the US spot Bitcoin ETFs, both BITO and the Purpose ETF have experienced a continuous outflow, potentially due to investors gravitating towards more cost-effective and better-tracked spot ETFs.
