04 Oct 2022
No flow September: ETFs stagnating
September saw very muted activity in BTC ETPs, with no material flows as market activity stagnates.
Under the hood, U.S. ETFs have been the most interesting to follow this month, as BITI’s AUM has stabilized at new highs while BITO experiences lackluster flows. As illustrated in this weeks derivatives update, U.S. BTC ETFs represent 50% of the open interest in the futures market and tend to account for 5-10% of the daily trading volume.