Since BlackRock filed a spot-based exchange-traded product on June 15, crypto investors have been pouring money into bitcoin ETFs at a record rate.

K33 Research’s latest data shows that the BTC equivalent exposure of ETPs listed globally increased by 25,202 BTC (757 million dollars) to 196.824 BTC over four weeks ending July 16. According to Vetle Lunde of K33 Research, this is the second highest monthly net inflow. It’s only exceeded by the inflows that followed the launch of ProShares futures-based ETFs and other futures based ETFs, in October 2021.

Exposure in BTC equivalent of ETPs listed globally. (K33 Research)

The total BTC equivalent exposure is at its highest level since June 2022.

ETPs is a category of listed financial products that tracks some type of underlying asset. Exchange Traded Funds are a subset of ETPs which typically hold a range of financial products under a certain theme.

The Securities and Exchange Commission has made it difficult to list crypto-based ETFs, but Europe has a wide range of ETPs available .

Lunde noted that BITO had reached an all-time record of bitcoin exposure at 4,425 BTC. BITO offers investors bitcoin-linked returns through a regulated product. It also holds more than $1 billion in CME Bitcoin Futures.

BITO-equivalent BTC exposure (K33 research)

The BTO spikes tend to happen near the top of local markets, it was noted. “BITO’s BTC exposure was structurally flat between June 2022 and the last week when the market experienced its first significant range breakout.”

In June, BITO reported its largest-ever weekly inflow when BTC prices exceeded $30,000. Purpose Investments’ bitcoin ETF BTCC (), listed in Toronto, is also reporting a significant increase in inward flows.

Omkar Godbole is the editor.