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.
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 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.
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.
One thing we haven’t discussed yet – grayscale $ GBTC the unlock plan looks really tough
From mid-April to mid-June, shares worth 139,000 Bitcoins were activated. There are more shares worth 140,000 Bitcoin that will be unlocked at the end of July
Yes pic.twitter.com/Ha97Dh494O
– Meltem Demir rs (@Melt_Dem) June 23, 2021
Whales have also been in the spotlight lately, only to be offset by players like MicroStrategy who continue to build their BTC positions.
.
.
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
This website uses cookies.