Bitcoin Amount in Global Crypto Funds Drops Sharply in June: ByteTree Asset Management

Data from ByteTree Asset Management shows that the number of Bitcoins held by global crypto funds fell sharply after the market crash in May. Bitcoin holdings of European and Canadian exchange-traded funds (ETFs) and US and Canadian closed-end funds have dropped 28,785 BTC in the past 30 days, according to blockchain analytics firm. A significant part of the drop occurred last week as the Bitcoin supply of global crypto funds has dropped by 20,517 BTC in the past seven days. Source: ByteTree Asset Management Figures are based on the amount of BTC held by exchange-traded products, including the Galaxy Bitcoin ETF (exchange-traded fund), 3iQ CoinShares Bitcoin ETF (QBTC.U), and Canada's Purpose Bitcoin ETF (BTCC). ByteTree's data also takes into account BTC shares of closed-end funds, including Grayscale Bitcoin Trust (GBTC), 3iQ (QBTC), and Osprey (OBTC). Bitcoin holdings of global crypto funds peaked at just over 816,000 BTC on May 15, according to ByteTree. The Bitcoin inventory of these funds has suddenly dropped with a total of 782,674 BTC at the time of writing. The drop coincides with the BTC correction, which saw the value of leading crypto assets drop from around $50,000 on May 15 to a 90-day low of $30,681.50, according to CoinMarketCap. Don't miss a thing – Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram The Daily Hodl Mix Check the latest news Headlines Disclaimer: Opinions expressed in The Daily Hodl are not investment advice . Investors should exercise due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and Daily Hodl is not any investment advice.

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