Bitcoin, the world’s largest cryptocurrency, has been in the news a lot recently thanks to its price action struggles. Despite these concerns, however, the demand for Bitcoin ETFs has remained strong. In fact, according to recent statistics, the Purpose Bitcoin ETF hit an all-time high in terms of holdings.
Built for a ‘Purpose’
The world’s first spot-settled Bitcoin ETF documented impressive figures, according to Glassnode data. “On-Chain College,” a market analyst, pointed at the flagship ETF’s gain of around 7,700 BTC since November. This represented a 31% increase over the previous year. ‘The ETF currently holds 32,329 BTC,’ the analyst added.
As of 28 February, the graph looked like,
As per the graph, it gained around 1750 BTC in just two days earlier this month. At the time of writing, the ETF BTCC was painting the town green, according to these statistics from Yahoo Finance.
The previous market trend was…
On 20 February, the said Bitcoin ETF attracted over $33 million worth of Bitcoin, its third-largest daily inflow to date. According to data provided by Glassnode, investors poured about 1.2K BTC into the fund, marginally lower than the inflows recorded on 6 December 2021.
The Canadian Purpose #Bitcoin spot ETF just saw one of its biggest inflows ever on Friday! 🇨🇦Adding almost 1.2k $BTC in one day. Only surpassed by inflows on one of its first trading days on Feb 22, 2021. AUM now at a new ATH with 32.26k bitcoin! 🚀 pic.twitter.com/DOO3OtocQ3
— Jan Wüstenfeld 🇺🇦 (@JanWues) February 19, 2022
Beyond Canada, demand for Bitcoin from those using both retail and derivatives exchanges shows a clear direction — up. Exchange balances resumed a firmer downtrend in recent days and are once again at multi-year lows.