Bitcoin ETF News; According to the data, the world’s first regulated Bitcoin (BTC) exchange-traded fund (ETF) has benefited tremendously from the recent price drop.

 

 

The Purpose Bitcoin ETF continued to add to its holdings under management throughout the second half of May, according to data released by blockchain analytics service Glassnode on Thursday.

The Canadian Purpose ETF has not seen a drastic drop in demand even after BTC/USD slumped below $30,000. As of May 15, an average of 86.15 BTC per day entered the ETF, with a total of 3,446 BTC from that day to Thursday.

In total, Purpose currently holds 21,114 BTC worth about $720 million.

“Since the May 19 crash event, the Purpose Bitcoin Exchange Traded Fund (ETF) just continues to stack sales.”

 

Purpose was the first such Bitcoin ETF to receive the green light from regulators in February 2021. The United States has yet to respond to the move, but the impact could be more significant given the difference if products do likewise hit the market in the US. The size difference between the US and Canadian market seems pretty obvious.

“How many countries will there be Bitcoin ETF trading before the US?” Jameson Lopp, co-founder and chief technology officer of Casa, said. he had asked. Canada acted quickly.

The news offers a welcome “counter-narrative” to institutional trials facing the post-Bitcoin price drop.

The next few weeks will see the unlocking of BTCs stored in the Grayscale Bitcoin Trust (GBTC), which is expected to further increase the heavy selling pressure.

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