#Write2Earn #BitcoinETP Holdings Surge: Approaching All-Time High #Bitcoin #ETP #btc $BTC
According to ByteTree data, global Exchange Traded Products (ETPs) are approaching their all-time high of around 966k Bitcoin, a record achieved in 2021. The surge in ETP holdings is largely driven by the success of spot Bitcoin ETFs in the United States, which have attracted a net flow of approximately $5.5 billion.
In the past 30 days alone, global ETPs have seen a net inflow of over 100k Bitcoin, surpassing the previous 30-day record of 90k Bitcoin set in 2020, as reported by ByteTree.
ByteTree's data reveals a remarkable inflow of 96k Bitcoin in February, a stark contrast to the figures of the previous four months: 13k, 31k, 5k, and 3k Bitcoin in October, November, December, and January, respectively. The significant increase in February nearly doubles the total inflows observed between October 2023 and January 2024.
Leading up to the launch of spot Bitcoin ETFs, inflows were partially attributed to the ProShares Bitcoin Strategy ETF (BITO) and the Purpose ETF in Canada, each recording an inflow of approximately 8k Bitcoin in November, according to ByteTree.
However, following the approval of US spot Bitcoin ETFs, both BITO and Purpose ETF are experiencing continuous outflows, likely due to investors shifting towards more cost-effective and better-tracked spot ETFs.
