World’s First Bitcoin ETF Adds $3 Million BTC Per Day During Bitcoin Decline

The Purpose Bitcoin ETF now manages over 21,000 BTC as regulatory scrutiny continues in the US.

The world’s first regulated bitcoin (BTC) exchange-traded fund (ETF) actually benefited from the recent price drop, data shows.

As Glassnode, an on-chain analytics service, noted on June 24, the Purpose Bitcoin ETF continued to add to its assets under management throughout the second half of May.

Topping 20,000 BTC

In an unusual success story over the past few weeks, Canada’s Purpose has not seen a significant decrease in its holdings or demand after bitcoin fell below $30,000.

Since May 15, an average of 86.15 BTC per day has entered the Purpose ETF, and a total of 3,446 BTC were added to the holdings between then and June 24.

All told, Purpose now holds 21,114 BTC, worth about $720 million.

In a variety of positive reactions to the data, the popular Twitter account Dilution-proof concluded, “Purpose Bitcoin ETF has been adding to its bitcoin holdings since the May 19 crash.”

Million BTC Per Day During Bitcoin Decline"/>World's First Bitcoin ETF Adds Million BTC Per Day During Bitcoin Decline"/>

Purpose ETF BTC Holdings vs. BTC/USD Chart Source: Glassnode/ Twitter

Purpose is the first bitcoin ETF to receive regulatory approval in February 2021. as Cointelegraph reports, the U.S. has yet to respond, but if this product also debuts in the U.S., the impact could be even greater given the difference in size between the U.S. and Canadian markets.

Casa co-founder and CTO Jameson Lopp said in an interview this week, “How many countries will have bitcoin ETFs trading before the U.S.?”

Concerns about the coming wave of sell-offs

The news provides a pleasant counterpoint to the institutional test facing bitcoin after its price decline.

In the coming weeks, BTC stored in the Grayscale Bitcoin Trust ($GBTC) will be unlocked, which is expected to exacerbate the already intense selling pressure.

One thing we haven’t discussed yet – the grayscale GBTC unlocking schedule looks really intense

From mid-April to mid-June, 139,000 BTC worth of shares have been unlocked. There are still 140,000 BTC worth of shares to be unlocked by the end of July

  • Meltem Demir◎ (@Melt_Dem) June 23, 2021

Some of the whales are in the spotlight as they dumped bitcoin in the recent crash, but only companies like MicroStrategy have been buying bitcoin on the dips.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-06-26 01:36
Next 2021-06-26 01:42

Related articles