Global publicly traded crypto funds have received over $61 million in new capital, with a significant portion directed towards Bitcoin funds.
These funds accounted for over 10% of all net deposits into crypto funds since the start of the year. This influx took place as Bitcoin’s price surged to $35,000, with investors eagerly waiting for a spot Bitcoin ETF in the U.S. market.
James Butterfill, Head of Research at CoinShares, revealed that the dominant inflows were from Germany and Canada, with the U.S. seeing minimal activity. Germany’s ETC Group and Canada’s Purpose Investments benefited from inflows of $24.3 million and $10.9 million, respectively.
Despite the availability of BTC-based investment vehicles in the U.S., none currently offer 1:1 exposure to spot BTC. This includes funds like Grayscale (GBTC) and the ProShares Bitcoin Strategy ETF (BITO), which only offer Bitcoin futures exposure.
Butterfill believes U.S. investors are eagerly awaiting the approval of a physical Bitcoin ETF, as indicated by the lack of activity in current offerings. Both Grayscale and 21Shares are in contention to launch a spot Bitcoin ETF.
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