Crypto investors have poured money into bitcoin exchange-traded products at a record pace ever since BlackRock filed for a spot-based ETF on June 15.

New data from K33 Research shows the BTC-equivalent exposure of ETPs listed worldwide increased by 25,202 BTC ($757 million) to 196,824 BTC in four weeks to July 16. That’s the second-highest monthly net inflow, only surpassed by inflows seen following the launch of ProShares’ futures-based ETF and other futures-based ETFs in October 2021, according to K33 Research’s Vetle Lunde.

The total BTC-equivalent exposure is now at the highest since June 2022.

ETPs are a broad category of listed products that track some sort of underlying financial asset. Exchange Traded Funds (ETFs) are a particular subset of ETPs that typically hold a variety of financial products within a specific theme.

While the Securities and Exchange Commission (SEC) has made the listing of crypto-based ETFs difficult, Europe, in contrast, has a plethora of ETPs available from a range of issuers.

Lunde also noted that BITO has hit an all-time high of bitcoin equivalent exposure of 4,425 BTC. BITO provides investors with bitcoin-linked returns via a regulated product and holds over $1 billion worth of CME Bitcoin Futures.

“BITO spikes have tended to occur near local market tops,” noted. “BITO’s overall BTC exposure has structurally been flat from June 2022 until the past week, when the market saw its first notable range breakout.”

In June, BITO recorded its highest-ever weekly inflow as BTC prices crossed $30,000. Toronto-listed bitcoin ETF BTCC, from Purpose Investments, is also reporting a high uptick in inward flow.