06 Jul 2023

Strongest global monthly BTC ETP flows since October 2021

Institutional activity in BTC is currently thriving.
Image Flows
We noted CME’s surging activity last week and illustrated a continuation of CME over the past week on page 5. ETP flows further illuminate bustling institutional activity in BTC, with BTC ETPs experiencing their strongest monthly inflow since October 2021 in June. Globally, BTC ETPs experienced inflows of 13,822 BTC in June, with the inflows kicking in after the BlackRock announcement on June 15. The flows have been strong across jurisdictions, with Canadian and European spot ETPs and U.S. futures ETFs all experiencing solid inflows.Canadian ETFs saw the largest monthly net inflows, both in absolute and relative terms, seeing inflows of 6,674 BTC, increasing the Canadian BTC ETF bitcoin balances by 16% from the May close. European BTC ETP balances increased by 5% in June, Brazilian and Australian ETFs saw a 3% growth in BTC exposure, while the futures-based U.S. ETFs saw net inflows of 8%.A very noticeable BlackRock effect
Daily flows
Ever since the BlackRock announcement, BTC ETP flows have been heavily positive. The announcement drastically improved ETP flows' momentum after seeing a steady downtrend from mid-April to mid-June. Figure 16 illustrates that the aggregated BTC exposure of 22 BTC ETPs globally increased by 6.3% to 183,240 BTC from June 15 to July 2, leading the aggregated BTC balances to approach February 2023 levels.
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