Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for BTC exposure is mounting.
Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management.
“Happier days” for Bitcoin ETPs as buyers pile in
Despite BTC price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off.
According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last.
“While the May recovery was strong in ETPs, June has seen even happier days!” Arcane analyst Vetle Lunde told Twitter followers while uploading the numbers on June 2.
“The first two days of June have seen gargantuan net inflows to Purpose, 3iQ Coinshares, and BITO, pushing the global BUM to a new all-time high of 205,008 BTC.”
In the first few days of June alone, more than 7,000 BTC flowed to ETPs, almost as much as for the entirety of May, which, itself, saw an impressive 9,765 BTC rise.
Little reprieve for GBTC
The Purpose Bitcoin ETF, the first Bitcoin spot price ETF to launch anywhere in the world, meanwhile had $1.294 billion worth of assets under management as of June 3, data from on-chain monitoring resource Coinglass confirmed.
Related: Bitcoin bounces to $30.7K as analyst presents Stock-to-Flow BTC price model rehash
Things remained somewhat less rosy for industry stalwart the Grayscale Bitcoin Trust (GBTC), however.
According to Coinglass data, GBTC continues to trade near a record discount to the Bitcoin spot price, currently 28.68% as of June 3.
Previously, Cointelegraph reported on Grayscale’s ongoing battle to convert GBTC to a Bitcoin spot ETF.
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