The recent drop in the Bitcoin price had a downside for its holders. However, investors can now be found at all levels of the market: from large institutions to individual traders and speculators. Canadians buy the dip as Purpose Bitcoin ETF holdings reach new highs
The “proshares bitcoin strategy etf” is a Canadian cryptocurrency exchange-traded fund (ETF) that tracks the performance of Bitcoin. The holdings of this ETF reached a new high in 2018, which means Canadians are buying up Bitcoin.
Despite a price drop in May that sent Bitcoin (BTC) as low as $23,800, institutional investors do not seem to be losing faith in the cryptocurrency.
Over the previous five trading days, the Purpose Bitcoin ETF, which was established in February 2021, has seen sustained inflows. According to Jan Wustenfeld’s Glassnode statistics, the fund’s holdings had climbed to 43,701.7 BTC as of Tuesday. That’s the highest it’s ever been.
Over the previous five trading days, the Canadian #Bitcoin Purpose spot ETF has witnessed consistent inflows.
752 BTC on Wednesday 2.06k BTC on Thursday 1.82k BTC on Friday 6 BTC on Monday 2.78k BTC on Tuesday
New all-time high in assets under management: 43.70k $BTC
ATH: 42.48k BTC on May 16th pic.twitter.com/vQHRd1XecC
June 1, 2022 — Jan Wüstenfeld (@JanWues)
On Thursday, the Canadian spot Bitcoin ETF bought 2,006 BTC, and on Tuesday, it bought 2,780 BTC.
The inflows seem to be in line with a wider short-term trend of institutional investors returning to crypto. Last week, digital asset investment products received $87 million in cumulative inflows, with Bitcoin products accounting for $69 million of the total, according to Coinshares data.
This news comes as a welcome reprieve after the $141 million in total withdrawals from institutional funds in the week of May 24 as a result of last month’s market meltdown. Since July 2021, this was the greatest outflow.
Related: Crypto funds under management hit an all-time low in July 2021
Still, according to the Coinshares report, the total assets under management (AUM) indicator is at its lowest level since mid-2021, as some institutional investors seem to be waiting for cheaper prices before reinvesting in crypto.
When it comes to the market’s future, experts are still gloomy in the near term, with estimates for Bitcoin falling as low as $14,000 and the latest price spike being labeled a bull trap. Long-term projections, though, remain favorable, with investors continuing to accumulate Bitcoin and new generations staying enthusiastic.
The “ethereum 100k” is a cryptocurrency that has been on the rise. The ethereum price has risen to more than $100K.
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