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.
Asked whether institutional investors were returning to crypto, Butterfill said, “Potentially yes, but in the ETF world it is very difficult to disaggregate institutional and retail money.”
ETF buying can reflect arbitrage strategies as well as bets on rising Bitcoin prices, making inflows an imperfect measure of bullish conviction. Butterfill also sees investors…
