Amount of Bitcoin in Global Crypto Funds Falling Amid Crypto Crash: Report
New data from ByteTree Asset Management shows the amount of Bitcoin held by global crypto funds has sharply fallen following the market collapse in May.
According to the blockchain analytics firm, the Bitcoin holdings of European and Canadian exchange-traded funds (ETFs) and US and Canadian closed-ended funds have declined by 28,785 BTC in the last 30 days.
The figures are based on the amount of BTC held by exchange-traded products that include Galaxy Bitcoin ETF (exchange-traded fund), 3iQ CoinShares Bitcoin ETF (QBTC.U) and Canada’s Purpose Bitcoin ETF (BTCC).
ByteTree’s data also accounts for the BTC holdings of closed-ended funds including the Grayscale Bitcoin Trust (GBTC), 3iQ (QBTC) and Osprey (OBTC).
According to ByteTree, the Bitcoin holdings of global crypto funds peaked on May 15th, just above 816,000 BTC.
The Bitcoin inventory of these funds has since seen an abrupt reduction with a total of 782,674 BTC at time of writing.
The drop coincides with the BTC correction that saw the value of the leading crypto asset plunge from around $50,000 on May 15th to a 90-day low of $30,681.50, according to CoinMarketCap.
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Article reposted on Markethive by Jeffrey Sloe