$35.2 million in Bitcoin moved to the Purpose ETF (BTCC). Peter Schiff determines the hard level Bitcoin has to overcome
Two charts provided by the Glassnode analyst team show that last week inflows to the Canadian-based Purpose Bitcoin exchange-traded fund resumed after a huge drop, possibly meaning retail demand for BTC is on the rise again.
$ 35.2 million in Bitcoin moved to Purpose ETF (BTCC)
The price of the flagship cryptocurrency also impacted the $660 million Purpose Bitcoin ETF fund, as the price of the flagship cryptocurrency dropped below the $40,000 level twice, thanks to Elon Musk and Tesla, then Chinese officials.
Thus, the cryptocurrency has lost nearly 33 percent overall value due to the aforementioned triggers.
The Glassnode chart shows that ETF flows have declined substantially during this time. However, they are now going up, according to the chart shared by the analytics team.
Last week, 898 Bitcoins were sent to the Canadian ETF, which equates to $35,199,804.
Moskovski Capital CIO, who shared the chart on his Twitter page, commented that this would be a resumption of retail demand for Bitcoin.
Peter Schiff determines the hard level Bitcoin has to overcome
Well-known Bitcoin critic Peter Schiff, chairman of Euro Pacific Capital and a gold lover, shared that it is difficult for Bitcoin to continue growing to recapture the $50,000 level.
Responding to Anthony Pompliano’s tweet for bitcoin, which briefly peaked at $40,000, Schiff tweeted that the major cryptocurrency would find “a lot of resistance above $42,000”.
Meanwhile, according to a recent tweet from the Glassnode team, the number of Bitcoin exchange entries dropped to a five-month low of 2,518,137.