The ETF complex saw net inflows of $2.4B during this period, although the total AUM of spot Bitcoin ETFs dropped from $59.3B to $51.8B (due to BTC dropping from $70,700 to $60,300), Coinbase reported.
We think that the continued ETF inflows during bitcoin's underperformance may be a promising indicator of sustained interest in crypto from the new pools of capital that the ETFs give access to.
In our view, it's likely that we will see the proportion of investment advisor holdings continue to increase as more brokerage houses complete their due diligence on these funds.
We may not immediately see large inflows emerge in the short-term, as soliciting clients may be harder to do during the summer, when more people are on vacation, liquidity tends to be thinner and the price action might be choppy.
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