Bitcoin ETF inflows leave institutional demand unclear: CoinShares
CoinShares says IBIT offers clues to institutional buying, but basis trades mean inflows are not necessarily bets on rising Bitcoin prices.
Billions are flowing back into Bitcoin exchange-traded funds (ETFs), but the figures alone do not reveal how much of the demand comes from institutions, according to CoinShares.
US crypto investment products had attracted about $4.1 billion in September, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounting for more than 53% of those inflows, CoinShares head of research James Butterfill told Cointelegraph.
Crypto investment products attracted about $3.5 billion across the industry over the preceding five trading days, CoinShares said in a Sept. 25 market update.