Rolling one-year notional flows across bitcoin (BTC) investment vehicles turned negative for the first time since late 2023, according to research and brokerage firm K33.
In a Tuesday report, Head of Research Vetle Lunde said one-year notional flows across bitcoin investment vehicles, including exchange-traded products, futures exchange-traded funds, stood at -1,176 BTC as of June 18 — the first negative reading since Nov. 4, 2023.
Notably, during the prior bear market, one-year investment vehicle flows first turned negative on Oct. 21, 2022, just weeks before bitcoin found a bottom, subsequently turning positive about a year later.
"There are, of course, some differences between the two periods," Lunde said. "Flows in 2020-21 were heavily dominated by capital moving into Grayscale's then closed-end structure, resulting in GBTC trading at a discount to NAV rather than experiencing outflows during the bear market. Negative flows in 2022 therefore stemmed from outflows in Canadian and European ETPs and futures-based products such as BITO."
1y notional flow to BTC investment vehicles. Image: K33.
