The Purpose Bitcoin exchange-traded fund has been reaccumulating BTC as of mid-May, a sign that investors remain willing to market the drop.
Demand for Bitcoin (BTC) on account of investors in Canada did not reduce after the latest cost correction, giving considerably more proof that competitors in the market remain taking advantage of recent costs to gather more BTC.
The Purpose Bitcoin ETF, which launched in February, gathered almost 20,000 BTC as of June 13. The ETF added more than 280 BTC in the last 7 days and nearly 2,000 BTC as of May 15.
The ETF increased its holdings in the wake of the sudden drop on May 19, once Bitcoin fell below USD 30,000 before immediately recovering.
The Purpose Bitcoin ETF has a cost of well over USD 709 million. Assets increased to well over USD 1.3 billion in less than 2 months of trading.
Access flows in the Purpose ETF suggest that those in Canada do not remain concerned about Bitcoin's near-term cost action.
On a smaller time scale, Bitcoin's cost action is a source of concern for bulls. The flagship cryptocurrency has been below USD 40,000 for a month now, and every attempt to regain that degree is firmly rebuffed. A confluence of technical breakouts, weakening market confidence and negative headlines contribute to the bearish cost action.
Some analysts are unclear about the trajectory of Bitcoin's market period. Certain believe we are still on track to break 3-digit levels this year, while others believe we are headed for a bear market.
Entries into the Purpose fund suggest that many investors remain oblivious to short-term fluctuations in favor of a longer-term outlook.
U.S. fund managers hope to explain the triumph of their Canadian counterparts by launching a Bitcoin ETF of their own.