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.
QBTC vs. GBTC Bitcoin reserves (red) vs. BTC price (black). Source: CryptoQuantBitcoin funds saw their BTC reserves decline by 93.3%. Source: ByteTreeClosed-ended funds, trading at negative premium, are seeing no major inflows/outflows in July. Source: ByteTreeThe index for all items less food and energy rose 0.9 percent in June after increasing 0.7 percent in May. Source: US Bureau of Labor StatisticsBitcoin has slipped by more than 50% since mid-April top near $65K. Source: TradingView
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