31 Jan 2022

Bitcoin ETPs have seen two months of outflows

Bitcoin Exchange-Traded Products (ETPs) see slight outflows in January. These ETPs currently hold 180,835 BTC, down 3855 BTC from Dec 31st.
Source: Bytetree
In total, 180,835 BTC is held under management by the European and Northern American Bitcoin ETPs as of the end of January.In the last two months, the ETPs have experienced net outflows caused by European ETPs seeing net outflows of 9,429 BTC since the end of November.Both the futures-based U.S. ETFs and the Canadian physical BTC ETFs have seen a positive flow since the end of November. Still, both instruments experienced slight net outflows in January.Since the end of November, the futures-based U.S. ETFs (+4.85% AUM) have seen slightly higher net inflows than the Canadian ETFs (+4.1% AUM), but at the current growth rates, it seems unlikely that the futures-based Bitcoin ETFs will surpass the physically backed Canadian ETFs any time soon.The sluggish growth of U.S. futures-based ETFs could be caused by the rolling costs associated with these funds. A spot-based ETF in the U.S. seems very unlikely at the moment, as we explain in the next slide.ETFs are also evolving in other regions, not included in this chart. The Brazilian BTC ETFs QBTC 11 and BITH11 hold 900.5 BTC and 625 BTC, respectively. Additionally, Bitcoin ETFs are tradeable in Dubai, while Australians are soon to gain access to BTC ETFs.These ETPs hold nearly 1% of the circulating BTC supply, and close-ended funds, namely GBTC, hold an additional 3.48%. Slightly less than 1% of the circulating BTC supply is held in the treasuries of publicly traded companies. In other words, more than 5% of the BTC supply is now held in various structures available to trade in traditional markets.
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