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Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk? – Crypto News

Published

1 year ago

February 24, 2024

Dripp

Spot Bitcoin ETF approval in the U.S. has brought a global fundamental shift, despite positive sentiment regarding improved Bitcoin adoption. Canada’s largest Bitcoin ETF issuer in terms of AUM, Purpose Bitcoin ETF, has sold massive BTCs.

Purpose Bitcoin ETF Sells 5000 BTC

Bitcoin buying is now more concentrated in the U.S. than in other regions such as Canada, Germany, and Sweden, which witnessed cautious Bitcoin buying.

Canadians continue selling Bitcoin held in Purpose Bitcoin ETF after the launch of spot Bitcoin ETFs in the United States. Purpose Bitcoin ETF sold 199 BTCs on Friday and 604 BTC in the last 7 days, according to data by HODL15 Capital.

Purpose Bitcoin ETF has sold over 5000 BTCs since the launch of spot Bitcoin ETFs in the U.S., with Bitcoin holdings dropping from 35.71K BTC to 30.76K BTC. Purpose Investments reported the AUM as 2.15B CAD (1.59B USD) and 31102.57709 BTC holdings until February 23.

US Overtakes Canada in Bitcoin ETF Market Share

After the spot Bitcoin ETFs approval by the SEC, the U.S. has established itself as the top country with $34.78 billion in combined assets across the 10 spot Bitcoin ETFs. The US now represents 83.3% of the $41.74 billion global spot Bitcoin ETF market, surpassing Canada. The US neighbor Canada had previously led with 46.3% in market share, as per research by CoinGecko.

Traders and analysts are skeptical of further upside momentum in Bitcoin, with Ethereum and altcoin in focus. The spot Bitcoin ETF inflow of $233 million on Friday.

BTC price currently trades at $51,013, down over 1% this week. The 24-hour low and high are $50,561 and $51,256, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.

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