Demand for Bitcoin from Canadian investors has not wavered during the recent price correction, which is further evidence that market participants are using falling prices to accumulate.

The Purpose Bitcoin ETF, launched in February, accumulated 19,692,149 BTC on June 13, according to Bybt data. The ETF has added 284.51 BTC in the past seven days and nearly 2,000 BTC since May 15.

The massive drop in prices hasn’t stopped Canadian investors from looking for exposure to Bitcoin. Source: Bybt.

In fact, the ETF increased its holdings in the May 19 flash crash that saw Bitcoin drop below $ 30,000 before quickly recovering.

At a current BTC price of around $ 39,000, the Purpose Bitcoin ETF is worth over $ 768 million. Its net worth grew to over $ 1.3 billion in less than two months of operation.

According to technician Byzantine General, the flow of money into the Purpose ETF shows that Canadians are not concerned about Bitcoin’s short-term price action.

Ha. The Canadians don’t seem to give a shit.

You just keep adding $ BTC to the ETF despite the decline in the share price. pic.twitter.com/SM9Zxiuiwv

– Byzantine General (@ByzGeneral) June 13, 2021

In fact, Bitcoin’s price action in less time is a cause for concern for the bulls. The top cryptocurrency fell below $ 40,000 in the past month, and any attempt to reclaim that level has been vehemently opposed. A combination of technical glitches, weak sentiment and negative headlines contributed to the bearish move.

Analysts are still divided over the course of Bitcoin’s market cycles. Some believe we are still on our way to breaking triple digits this year, while others believe we are headed for a bear market. The cash flow in the purpose funds shows that many investors ignore short-term fluctuations and are moving towards the long-term.

Annie

According to Cointelegraph

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