Canadian Bitcoin ETF adds to its holdings despite steep market correction
June 13, 2021. Summarized by summa-bot.
Compression ratio: 42.4%. 1 min read.
Inflows into Canada's Purpose Bitcoin ETF suggests institutional investors are buying the dip -- and doing so aggressively.
Demand for Bitcoin (BTC) among Canadian investors has not wavered amid the latest price correction, offering further evidence that market participants are capitalizing on heavily discounted prices.
The Purpose Bitcoin ETF, which launched in February, has now accumulated 19,692. 149 BTC as of June 13, according to Bybt data.
In fact, the ETF added to its holdings during the May 19 flash crash that saw Bitcoin wick down below $30,000 before quickly recovering.
At a current BTC price of around $36,000, the Purpose Bitcoin ETF has a value of over $709 million.
According to technician Byzantine General, inflows into the Purpose ETF suggest Canadians aren’t concerned about Bitcoin’s short-term price action.
They just keep adding $BTC to the ETF despite price going down.
Fund managers in the United States hope to replicate the success of their Canadian counterparts by launching a Bitcoin ETF of their own.