February's Bitcoin ETP net inflows close to total of previous three months

Quick Take

ByteTree has reported a massive influx in the global allocation of Bitcoin among exchange-traded products (ETPs) since October 2023, adding roughly 100,000 BTC.

According to ByteTree data, approximately 890,000 BTC are currently held in varying ETPs worldwide, which is about 4.56% of the circulating supply of Bitcoin. Interestingly, the start of 2024 has seen an increase of about 80,000 BTC in the ETP space, primarily attributed to US-based Bitcoin ETFs.

Within the last seven days alone, global Bitcoin ETPs underwent an influx of roughly 25,000 BTC, marking the most significant weekly increase since the early part of 2021.

February alone contributed an impressive 38,000 BTC net inflow into ETPs, roughly equal to the combined flow for November, December, and January.

Glassnode data reports that Grayscale Bitcoin Trust (GBTC) currently holds approximately 466,000 Bitcoin, a significant 30% decline from its peak holdings of about 622,000 Bitcoin before Bitcoin ETFs began trading.