They provided a way for institutional investors and others who didn’t want any direct exposure to the digital asset to trade on it.
The market is still reeling from entering a new month but the effects of the month of April continue to linger.
This, in turn, had caused the total asset under management of the digital asset to decline drastically that by the end of the month, there were only 187,000 BTC in AUM.
In the US markets, a total of 3,312 BTC had flowed out of the ETFs, while their Canadian counterparts saw an even worse trend with 7,100 leaving BTC ETPs.
The region which had been battling outflows for the better part of a year saw 3,974 BTC leave the market at the same time.
These outflows that were recorded in the month of April had successfully erased all of the gains that had been made by ETPs in the month of March.
It has been announced that one of these ETFs will offer direct exposure to bitcoin.
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