The world’s first regulated Bitcoin (BTC) exchange-traded fund (ETF) actually benefited from the recent price drop. Adding $ 3 million per day.
Specifically, according to data from Glassnode, the BTC or Bitcoin ETF publicly traded fund continued to increase its assets under management during the second half of May.
The Purpose Bitcoin ETF
In reality, the Bitcoin ETF did not see a significant reduction in holdings or demand. All this, after the BTC / USD pair was below $ 30,000.
To this end, according to Bybt data, the Purpose Bitcoin ETF, accumulated 19,692 BTC as of June 13. Similarly, the ETF added 284.51 BTC and then 2,000 BTC since May 15.
In fact, as of May 15, an average of 86.15 BTC per day entered the ETF for a total of 3446 BTC, between that time and Thursday, June 24. In total, Purpose now has 21,114 BTC. For an approximate value of $ 720 million.
To recall, in February 2021, Purpose was the first Bitcoin ETF of its kind to get the green light from regulators.
In this regard, Jameson Lopp, co-founder and CTO of Casa said: «How many countries are going to have a Bitcoin ETF trading earlier than the United States?».
As a curious fact, according to a technical analyst Byzantine General: «Canadians are not concerned about short-term Bitcoin price developments».
Approval of a publicly traded fund
In particular, in February this year, a document was published announcing the approval of a Bitcoin exchange-traded fund. Which would be offered by Accelerate Financial.
Thus, the approval covered the following territories: British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick. Also Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon, and Nunavut.
In this sense, Purpose Bitcoin ETF will be an alternative mutual fund that “Invests and holds substantially all of its assets in long-term holdings of the digital currency Bitcoin.”
According to the words of Som Seif, founder and CEO of Purpose: «We believe that Bitcoin is ready to continue its growth and adoption trajectory as an alternative asset. Further consolidating the investment opportunity it presents».
Finally, we want to know your opinion! Would you invest in a Bitcoin ETF? Let us know in the comment box.
I say goodbye with this phrase from Ray Dalio: «The one who lives next to the crystal ball will eat broken glass».