Bitcoin Fund Holdings Hit Four-Month Low

"BTC held by ETFs and funds are a significant and measurable sample of network demand," according to ByteTree's CIO.

AccessTimeIconJun 19, 2021 at 7:18 p.m. UTC
Updated Mar 6, 2023 at 3:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin funds have been bleeding coins in the wake of the U.S. Federal Reserve's unexpected hawkish tilt.

  • Data tracked by ByteTree Asset Management shows the number of coins held by the U.S. and Canadian closed-ended funds and Canadian and European exchange-traded funds (ETFs) fell to 782,558 BTC (worth $28.72 billion) on Friday, the lowest since Feb. 25.
  • Holdings have declined by over 15,000 in the past three days alone.
  • On Wednesday, the Federal Reserve surprised markets with a hawkish turn, bringing forward the timing of its next interest rate hike to 2023.
  • Since then, most assets, including bitcoin, have faced selling pressure, although the leading cryptocurrency has remained relatively resilient compared to most fiat currencies and gold.
  • Fund holdings peaked above 815,000 BTC in mid-May, having risen by over 300,000 BTC since October.
  • The May peak coincided with the bitcoin's drop from $58,000 to nearly $30,000.
  • "BTC held by ETFs and funds are a significant and measurable sample of network demand," ByteTree CIO Charlie Morris told CoinDesk. "Heavy institutional buying last October led to a price surge, which cooled in the second quarter this year."


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about