The world’s first bitcoin ETF is adding $ 3 million daily during BTC’s decline

The data shows that the world’s first managed exchange-traded Bitcoin (BTC) fund actually benefited from the recent decline.

As an on-chain analysis service Glass knot As announced on June 24th, the Purpose Bitcoin ETF continued to increase its assets under management in the second half of May.

The ETF purpose crosses 20,000 BTC

In an unusual success story over the past few weeks, Canadian Intent hasn’t seen a significant drop in inventory or demand after BTC / USD hit $ 30,000 or less.

As of May 15, an average of 86.15 BTC per day flowed into the ETF, from then until June 24 a total of 3,446 BTC.

In total, Purpose currently holds 21,114 BTC worth around $ 720 million.

“Since the speculative event on May 19, the Purpose Bitcoin Exchange Traded Fund (ETF) has simply continued to stack statistics,” popular Twitter account dilution-proof Summary in one of the various positive reactions to the data.

The world's first bitcoin ETF adds $ 3 million a day during the decline of BTC 3
BTC ETF holding purpose compared to the BTC / USD chart. Source: Glassnode / Twitter

The goal is to be the first Bitcoin ETF to receive the green light from regulators in February 2021. As Cointelegraph reported, the US has yet to respond, but if similar products come to market there, the impact could potentially be greater due to the size difference between the US and Canadian markets.

“How many countries will trade a Bitcoin ETF before the US?” Jameson Lopp, co-founder and CTO of Casa, funny question in this week.

Concerned about the impending wave of potential sales

The news offers a pleasant rebuttal of the institutional attempts faced with a drop in prices for Bitcoin.

Related: Is Wall Street Getting Less And Less Interested In Grayscale’s Bitcoin Trust?

In the next few weeks, the BTC stored in the Grayscale Bitcoin Trust ($ GBTC) will be unlocked, which is expected to increase the already strong selling pressure.

Whales have also been in the spotlight lately, only to be offset by players like MicroStrategy who continue to build their BTC positions.



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