Record outflows from Canada’s biggest Bitcoin fund see BTC reserves drop by 50%

Record outflows from Canada’s biggest Bitcoin fund see BTC reserves drop by 50%


A Canada-based Bitcoin fund, operated by 3iQ Corp, has witnessed a dramatic decline in its BTC reserves since June.

Literally named the Bitcoin Fund (QBTC:CN), the closed-end investment product, was holding around 24,000 BTC in its vaults in early June. However, as the monthly session progressed, the reserves first dropped to below 16,000 BTC in a dramatic, straight-line decline.

Later, another massive withdrawal pushed the Bitcoin Fund’s BTC reserves to around 13,000 BTC, according to on-chain data from South Korea-based analytics firm CryptoQuant.

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QBTC vs. GBTC Bitcoin reserves (red) vs. BTC price (black). Source: CryptoQuant

However, the withdrawals from the QBTC fund across June coincided with an inflow spike in 3iQ’s exchange-traded fund (ETF), called 3iQ CoinShares Bitcoin ETF (BTCQ). In detail, the Canadian ETF attracted inflows of 2,088 BTC in June 2021 against the QBTC outflows of 10,432 BTC in the same month.

ByteTree CIO, Charlie Morris, noted that 3iQ allowed its clients to convert their QBTC units into 3iQ CoinShares Bitcoin ETF.

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