Bitcoin (BTC) investment vehicles are seeing a “gargantuan” inflow this month, which is another sign that traders are increasingly eager for BTC exposure.
Data from the Arcane Research watch released this week show that bitcoin exchange traded products (ETPs) now have a high level of managed BTC.
‘Happy days’ for Bitcoin ETPs: Buyers pile in
While BTC’s price has failed to attract buyers more than 50% below all-time highs, not everyone feels risk-free.
According to data from Arcane, Bitcoin ETPs saw renewed interest from institutional investors this month and last.
In total, Bitcoin ETPs now control 205,000 BTC, including products such as ProShares Bitcoin Strategy exchange traded fund (ETF) – a new all-time high.
“If the recovery in May was strong in ETPs, in June there were even happier days!”. Vetle Lunde, an analyst at Arcane declared to his Twitter followers while uploading the numbers on June 2nd.
“The first two days of June saw a net inflow of gargantuan to Objective, 3iQ Coinshares and BITO, pushing global BUM to a new full-time high of 205,008 BTC.”
In the first few days of June alone, more than 7,000 BTC came into ETPs, almost as much as the whole of May, which saw an impressive surge of 9,765 BTC.
“There is already a huge influx of BTC into Bitcoin ETFs in June,” it said said Zhu Su, co-founder of asset manager Three Arrows Capital.
A small relief for the GBTC
The Bitcoin ETF was the first spot-priced bitcoin ETF launched worldwide, managed assets worth $ 1.294 billion as of June 3, according to data from Coinglass, an online monitoring resource.
Read also: Bitcoin Repays to $ 30,700 as BTC Stock-to-Flow Price Pattern Analysts Outline
Things remained a little less rosy, however, for the industry boy Grayscale Bitcoin Trust (GBTC).
According to data from Coinglass, GBTC continues to trade at a discount greater than bitcoin spot price, currently at 28.68% on June 3.
Previously, Cointelegraph reported on Grayscale’s ongoing battle to convert GBTC into a Bitcoin ETF spot.
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